Local gov pension

river24

I have a DB gov pension that I want to transfer . I’m 63 and have left work 6 years ago and now want to draw down on my pension but having trouble finding an advisor to do this for me ? Any help appreciated thank you 

BoGoF

Transfer to where? 

Why can't you access it now? 

DE_612183

presume to an annuity?

@river24 how much is your pot - what do you want to do?

First 25% is tax free

river24

The pot is approx £55000 and I would like more income than it will give me as pension payments. I want to transfer to a provider so I can draw down when and how much I want  

DE_612183

Then I'd look at one of the bigger providers - someone like Legal & General perhaps.

There is also the governments Pension Advice Service - https://maps.org.uk/en#

Brie

It will cost you money to get an adviser to look at transferring the pension.  I've heard quotes of £8-10k.  So a large amount.  And the chances of any adviser then saying that transferring to a DC pension of any sort are almost at 0 unless you have a severely life threatening illness and perhaps mere months to live.  DB pensions have too many extra benefits that DC pensions don't, guaranteed income being just one.  As I understand it the gov pensions are better than a lot so you are even less likely to be advised to transfer it elsewhere.

I suggest you take another look at what you can take from the pension for free and as a regular income.  There's nothing to stop you reinvesting the tax free portion - perhaps that will get you the flexibility you're looking for.