Transferring LGPS DB pension into personal pension

Marcon

woolly_wombat said:

A CETV of £55k is an absolute pittance for an index-linked pension of £3946.

I can’t see any company giving a positive recommendation to transfer, or any scheme accepting the transfer.

A stakeholder scheme has to accept the transfer, regardless of what the adviser recommends. 

dunstonh

Marcon said:

woolly_wombat said:

A CETV of £55k is an absolute pittance for an index-linked pension of £3946.

I can’t see any company giving a positive recommendation to transfer, or any scheme accepting the transfer.

A stakeholder scheme has to accept the transfer, regardless of what the adviser recommends. 

Name one that is currently open for business that doesnt transact via an intermediary.   They can still refuse at intermediary level. Just not at product level.

What I'd like to do is transfer my LGPS pension into my personal pension, and then take out a tax free lump sum to pay off my mortgage plus £10k for some work on the house.

So, not very good reasons for taking money out of a pension.  Let alone transferring it from a DB scheme.   And the CETV is low.      

Marcon

dunstonh said:

Marcon said:

woolly_wombat said:

A CETV of £55k is an absolute pittance for an index-linked pension of £3946.

I can’t see any company giving a positive recommendation to transfer, or any scheme accepting the transfer.

A stakeholder scheme has to accept the transfer, regardless of what the adviser recommends. 

Name one that is currently open for business that doesnt transact via an intermediary.   They can still refuse at intermediary level. Just not at product level.

What I'd like to do is transfer my LGPS pension into my personal pension, and then take out a tax free lump sum to pay off my mortgage plus £10k for some work on the house.

So, not very good reasons for taking money out of a pension.  Let alone transferring it from a DB scheme.   And the CETV is low.      

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

Completely agree with your comment about 'not very good reasons'!

dunstonh

Marcon said:

dunstonh said:

Marcon said:

woolly_wombat said:

A CETV of £55k is an absolute pittance for an index-linked pension of £3946.

I can’t see any company giving a positive recommendation to transfer, or any scheme accepting the transfer.

A stakeholder scheme has to accept the transfer, regardless of what the adviser recommends. 

Name one that is currently open for business that doesnt transact via an intermediary.   They can still refuse at intermediary level. Just not at product level.

What I'd like to do is transfer my LGPS pension into my personal pension, and then take out a tax free lump sum to pay off my mortgage plus £10k for some work on the house.

So, not very good reasons for taking money out of a pension.  Let alone transferring it from a DB scheme.   And the CETV is low.      

https://www.standardlife.co.uk/pensions/personal-pension/stakeholder

Completely agree with your comment about 'not very good reasons'!

we are duplicating because of the two similar threads

SL SHPP is intermediary only for distribution.  They will reject it at intermediary level, which they are allowed to do.

The last time we looked at this there were just 5 stakeholder pensions open for new business according to defaqto.  1 was actually closed and the other 4 were intermediary only for distribution.

penners324

Giving up £3.5k per year for life (could be 30 years) sounds like an extremely bad plan.