DB Pension

elphindoll

dunstonh said:

Would you look to extract the 83K as a transfer ? I had a brief search and believe it is almost impossible to get an adviser who will help with this. There is an offer to take 25% tax free from the 83K with a reduced annual income.

Without knowing the annual income, there is no way to answer that.   Using the income at the date of leaving is not the figure you should be using.   So, it would be best if you waited until you are provided with an updated statement.

What do you mean by an offer to take 25% tax-free from the £83k?  Who has offered you this?    Is it a scam (as no one should be "offering" you that)?

Transfers are still possible.  It's just since CETVs halved from their peak back to their more typical historic range, that the number that would be deemed suitable has moved back towards the 1 in 10 cases.      

I find it strange that the recent correspondance (I asked for a transfer value) states the £83k but also lists what you would be giving up if you did this - it then advises annual income of approx £1k (at date of leaving 1988). Why isn’t the real time forecast annual income detailed I wonder ? 
It then advises that a lump sum of 25% tax free can be withdrawn with a reduced annual pension figure - both must be taken at the same time. 

MallyGirl

the 25% isn't from the transfer value really. It will be a figure arrived at by forgoing some of your defined benefit according to a commutation factor (which may be good or poor value). Local gov/nhs seem to be about 12:1 - give up £1000 indexed for life to get a tax free £12000 payment. This is poor value. Your scheme will have its own commutation rate - maybe if it is 25:1 it would be good value. You need the up to date figures to work it out

xylophone

You say that you were a member of a Bank Scheme.

Which bank?

Is the scheme guide on the internet?

You mention that you left in 1988.

When did you join the scheme?

Do you have a statement of benefits at date of leaving showing GMP/excess?

When is scheme normal retirement age (likely to be 60 but may be any age up to 65).

Do you know how the GMP revalues in deferment?

And the excess?

You are yet to reach state pension age?

If so, have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension