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  • FIRST POST
    • Stewart 1234
    • By Stewart 1234 9th Nov 19, 10:02 PM
    • 6Posts
    • 1Thanks
    Stewart 1234
    Maybe a stupid question but.
    • #1
    • 9th Nov 19, 10:02 PM
    Maybe a stupid question but. 9th Nov 19 at 10:02 PM
    Hi I have been a watcher for a while now.
    My question or problem is.
    I have a old final salary pension from a old employer. It is all I have.
    My age is 59 my wife 58.
    My wife is not in the best of health , disabled, no pension of her own.
    I am now self employed, mainly to care / or help is perhaps a better word.
    I have recently had three heart attacks myself in the last 18 months, minor ones.
    My dilemma my pension pot is approx 130k
    If I die she will get half my pension for life about 60 per week . I doubt very much she has 40plus years herself. It would then die with her.
    How can I transfer the pot so she can inherit it, or at least my children .
    I don't need the money to live just yet, but don't want to pay it all in tax by cashing it all in.
    Is there any product I can put it into so still have growth and security.
Page 1
    • Dazed and confused
    • By Dazed and confused 9th Nov 19, 11:03 PM
    • 5,460 Posts
    • 2,902 Thanks
    Dazed and confused
    • #2
    • 9th Nov 19, 11:03 PM
    • #2
    • 9th Nov 19, 11:03 PM
    I have a old final salary pension from a old employer. It is all I have.
    My dilemma my pension pot is approx 130k
    Final salary pensions don't have a pot so if this is all you have where is the 130k coming from?

    And why aren't you going to get a State Pension in due course?
    • Stewart 1234
    • By Stewart 1234 9th Nov 19, 11:31 PM
    • 6 Posts
    • 1 Thanks
    Stewart 1234
    • #3
    • 9th Nov 19, 11:31 PM
    • #3
    • 9th Nov 19, 11:31 PM
    Thanks Dazed and confused.
    I will have a state pension in due course.
    I have a statement from aon who have the pension. That's what it says, and that's the transfer value if that helps.
    • lisyloo
    • By lisyloo 9th Nov 19, 11:44 PM
    • 25,523 Posts
    • 13,701 Thanks
    lisyloo
    • #4
    • 9th Nov 19, 11:44 PM
    • #4
    • 9th Nov 19, 11:44 PM
    You can transfer out of final salary schemes (as indicated by the transfer value).
    I believe if it’s over 30k you would have to get financial advice.

    There are upsides including flexibility e.g. flexible drawdown and leaving a pot.
    The are downsides too e.g. for a healthy person the income might exceed the transfer value.
    You would need to go through that with an independent financial advisor.

    The advice will cost but I don’t think anyone will transfer it without you having received the advice.
    • Albermarle
    • By Albermarle 10th Nov 19, 10:29 AM
    • 1,748 Posts
    • 1,126 Thanks
    Albermarle
    • #5
    • 10th Nov 19, 10:29 AM
    • #5
    • 10th Nov 19, 10:29 AM
    Normally it is bad idea to transfer out of a final salary scheme , so there is legislation that you have to take detailed ( and expensive ) financial advice before being allowed to do so . It is to protect people from them selves and unscrupulous scammers.
    However there are some circumstances where it can be a good idea to transfer, and ill health is one of them for the reasons you describe . However you still have to go via the financial advice process .
    Firstly have a look at this for the pros and cons of transferring.
    https://www.royallondon.com/siteassets/site-docs/media-centre/good-with-your-money-guides/five-good-reasons-good-with-your-money-guide-2018-edition.pdf
    • xylophone
    • By xylophone 10th Nov 19, 12:39 PM
    • 31,608 Posts
    • 19,600 Thanks
    xylophone
    • #6
    • 10th Nov 19, 12:39 PM
    • #6
    • 10th Nov 19, 12:39 PM
    And then remember that you will have to take advice from a Pension Transfer Specialist.

    Make sure that you start with an adviser with the correct qualifications and that you ask the necessary questions before employing him.

    https://forums.moneysavingexpert.com/showthread.php?t=6032686
    • Stewart 1234
    • By Stewart 1234 10th Nov 19, 1:50 PM
    • 6 Posts
    • 1 Thanks
    Stewart 1234
    • #7
    • 10th Nov 19, 1:50 PM
    • #7
    • 10th Nov 19, 1:50 PM
    Albermarle thank you. This is the sort of advice I am looking for . Very helpful.
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