Any viable options or suggestions please?

Marcon

WitsEnd101 said:

I'm in a similar boat with an old work place pension being managed by Aegon. I can access the enhanced TFLS provided I buy an annuity. Taking the enhanced TFLS and then the balance to drawdown or UFPLS requires advice. I have spoken to Aegon and they say that they are happy with a FTA which does not have to be a minimum duration. So my plan is to do exactly that when I am ready. Opting for the shortest duration FTA and then moving the funds to my SIPP at the end of that period. 

It might be worth speaking to the pension company to see if this is acceptable.

It won't be. OP is in a defined benefit scheme and that's not what you are describing in terms of your own scheme.

WitsEnd101

Marcon said:

It won't be. OP is in a defined benefit scheme and that's not what you are describing in terms of your own scheme.

Yes, good point. Sorry I missed that part.

dunstonh

From what I understand, current Government rules require ‘IFA advice’ sign-off even to make simple decision to transfer to existing SIPP, which means a fee of circa £1.2-1.5k to assess my finances and then agree and tell me that’s acceptable!

If you have found an IFA charging £1200-£1500 then you are very lucky.  A ballpark of £5k+ is more typical.

An IFA only charging £1200-£1500 would be barmy.   Even £5k is low.

Appreciate most IFA’s wouldn’t recommend giving up ‘lifelong’ benefits that the DB scheme provides. 

With CETVs now half what they were in 2021 and transfers generally considered suitable for only 1 in 10 cases, it is clear why most IFAs don't recommend transfers today  (during the post credit crunch boom in CETVs, it did get to around 5 in 10 being suitable).