Transfer from previous to current

2

Comments

  • Dandytf
    Dandytf Posts: 4,818 Forumite
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    edited 1 October 2019 at 7:01PM
    @Xylophone

    Re checked 31 years paid not 35, thanks

    Edited as I haven't requested any ill health pension info from either Pensions.
    M.s. will progress whenever it reaches that stage.
    I'll get Neurologists advice when required as m.s. is constantly being monitored.
    I'de rather wait until nearer that time before considering pursuing such options.
    Let me post update when I receive transfer balance from prev'

    Thanks everyone
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • xylophone
    xylophone Posts: 44,380 Forumite
    Name Dropper First Anniversary First Post
    Type CSDB

    Do you mean that your deferred pension is a Civil Service pension?

    If so, a transfer out to a DC pension is not permitted.
  • Dandytf
    Dandytf Posts: 4,818 Forumite
    First Anniversary Name Dropper First Post
    xylophone wrote: »
    Do you mean that your deferred pension is a Civil Service pension?

    If so, a transfer out to a DC pension is not permitted.

    CSDB Carrier Salary Defined Benefit
    I left to pursue a career elsewhere and have since moved twice until latest job.
    Let's not go into previous employers info though possibly another mse'r will know from thar scheme type
    No non Civil Service
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • Dandytf
    Dandytf Posts: 4,818 Forumite
    First Anniversary Name Dropper First Post
    Tonight transfer value is showing online
    55.2k approx.

    Whilst it states I can transfer -what is meant by:-
    You are not permitted under legislation to transfer your final salary benefits to a scheme that will convert your benefits into money purchase benefits.

    (This isn't a old school final salary pension)
    Lots of info recommending advice should be sought and displayed transfer amount could be higher or lower

    This falls into mser's advice that by Law +30K value then Advice must be requested.
    As a general answer is it worth pursuing, is there a starting contact for decent advice or is it a Personal Lawyer which will cost a small fortune.

    Thanks
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • xylophone
    xylophone Posts: 44,380 Forumite
    Name Dropper First Anniversary First Post
    (This isn't a old school final salary pension)

    You seem to have been told that it is? Even if this pension is

    Career Average Revalued Earnings it is still Defined Benefit - this means that the benefits are "safeguarded" as defined here

    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

    and as in excess of £30,000, advice would be required before transfer to a DC pension.

    That said, it would appear (since you have been told
    You are not permitted under legislation to transfer your final salary benefits to a scheme that will convert your benefits into money purchase benefits.)

    that even if not a Civil Service Pension, your pension is with an unfunded public service scheme and therefore can only be transferred to another defined benefits scheme. See

    https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme
  • xylophone
    xylophone Posts: 44,380 Forumite
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    The main unfunded PS Schemes are Police, Teacher, NHS, FireFighter, Armed Forces and Civil Service.
  • Dandytf
    Dandytf Posts: 4,818 Forumite
    First Anniversary Name Dropper First Post
    Is advice going to cost from 1500 pounds.
    I don't have sort of cash for advice fees.
    Replenished CRA Reports.2020 Nissan Leaf 128-149 miles top charge. Savings depleted. VM Stream tv M250 Volted to M350 then M500 since returned to 1gb
  • AlanP_2
    AlanP_2 Posts: 3,252 Forumite
    Name Dropper First Anniversary First Post
    Dandytf wrote: »
    Is advice going to cost from 1500 pounds.
    I don't have sort of cash for advice fees.

    If you can't transfer it to a money purchase (DC) scheme then , unless you are now employed by an organisation offering a Defined Benefit scheme you can't transfer based on what you quoted above.

    In that case the possible cost doesn't matter, and £1500 sounds quite low compared to some numbers that get quoted on here.

    Where do you want to transfer it to?
  • xylophone
    xylophone Posts: 44,380 Forumite
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    Where do you want to transfer it to?

    The OP said in post 1
    As a general question is it advisable to transfer to current Employer's DC Auto enrolled scheme.
  • xylophone
    xylophone Posts: 44,380 Forumite
    Name Dropper First Anniversary First Post
    Is advice going to cost from 1500 pounds.
    I don't have sort of cash for advice fees.

    Is your deferred pension with an unfunded public service scheme?

    It appears from what you have been told (your post 16 above) that it is.

    If so, you cannot transfer it out into a DC scheme - therefore the question of advice is irrelevant.
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