Transfer advice Barclays afterwork into LGPS?

DugWalker

Hi, first ever post after searching for information…..

My wife is age 47 and has a deferred pension with Barclays afterwork which we are considering transferring into LGPS - she is in her first year working for the council so is enrolled in LGPS. She has obtained a transfer value from Barclays of £75,000 which is £50,000 guaranteed and £24000 not guaranteed as it's from the investment account portion of the pension. I understand we would be required to obtain IFA before any transfer as the value is over £30,000. Before we go ahead and do this I wanted to check whether the cost is worth it as it may be obvious to anyone with an understanding of pensions that this is a bad idea and that we would be wasting time and money considering this. Any thoughts will be gratefully received…

MallyGirl

someone else will know if you need advice to transfer into another defined benefit pension - assuming that the Barclays one is DB too.

You need to explore what that £75k will buy her in LGPS

DugWalker

Yes, sorry, I didn't mention I haven't had a value on what the £75k will buy into LGPS yet.. Thanks, it's on the to do list!

Marcon

Financial advice isn't mandatory if a DB pension is being transferred to another DB pension scheme.

Silvertabby

First thing to check is if her employer will accept a transfer in from a non club (typically public sector) pension fund, as this is an employer's discretion.

DugWalker

Great, thank you for all the advice.