Pfizer/wyeth pension

chapelhouse123

Anyone give me a very brief yes or no Weather in this screenshot I’m looking at a pension of 40k thousand or the 20,000? I’ve been trying to speak to these guys, but all I can get through to as a call centre where they can bring up the details of my pension but they have to then put I request through to the Pfizer admin team to then call me back to discuss within 10 to 14 days it’s driving me crazy. I need to release my pension funds. I made 63 but I just can’t work out whereabouts I’m at with it. I believe it’s a defined benefit scheme which is a little more complicated. I don’t have any children. I don’t have any dependence so life insurance is not really an issue now and I do need to get some cash together.. 

Dazed_and_C0nfused

chapelhouse123 said:

Anyone give me a very brief yes or no Weather in this screenshot I’m looking at a pension of 40k thousand or the 20,000? I’ve been trying to speak to these guys, but all I can get through to as a call centre where they can bring up the details of my pension but they have to then put I request through to the Pfizer admin team to then call me back to discuss within 10 to 14 days it’s driving me crazy. I need to release my pension funds. I made 63 but I just can’t work out whereabouts I’m at with it. I believe it’s a defined benefit scheme which is a little more complicated. I don’t have any children. I don’t have any dependence so life insurance is not really an issue now and I do need to get some cash together.. 

Irrespective of the answer why are you looking to give up the pension you presumably worked hard to earn?

Have you established what the pension will pay at the schemes normal pension age?

Do you understand the costs likely to be involved if you want to accept the CETV and put that in a DC pension?

Silvertabby

The current transfer estimate is £47,224.  But this figure is meaningless without a quote for the lump sum/annual pension you will be giving up.  Do you have that, perhaps in another part of the letter?

HappyHarry

The transfer value is/was £47,224.

As this is all derived from defined benefits you will need to take advice from a Pension Transfer Specialist prior to transferring this pension.

Such advice is likely to cost a great deal of money, and will take a few months to finalise.

dunstonh

Anyone give me a very brief yes or no Weather in this screenshot I’m looking at a pension of 40k thousand or the 20,000?

Its a DB pension.  So, the CETV is largely irrelevant unless you are planning to transfer it.  Its the higher figure.

I believe it’s a defined benefit scheme which is a little more complicated.

It makes it simpler as your benefits are defined.  No investment returns or fluctuations to worry about.

I don’t have any children. I don’t have any dependence so life insurance is not really an issue now and I do need to get some cash together.. 

That is unlikely to yield you the outcome you are after.    You will require financial advice, costing £5000-£7500 ballpark.   The advice is likely to tell you that what you want to do is unsuitable.   it will likely take around 4-6 months to get to that point.    You will need to pay the fee for advice outside of the pension (i.e. from your own savings) as its unlikely an adviser will transact against advice. 

Do you need to raise money or do you want to raise money? 
What alternative options do you have as this is likely to be the worst option?

Marcon

Silvertabby said:

The current transfer estimate is £47,224.  But this figure is meaningless without a quote for the lump sum/annual pension you will be giving up.  Do you have that, perhaps in another part of the letter?

The CETV shown above expired on 3 May 2023, so could well be lower by now....or higher....