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  • FIRST POST
    • nicolachesney
    • By nicolachesney 8th Mar 18, 9:38 PM
    • 1Posts
    • 0Thanks
    nicolachesney
    Help moving my pension
    • #1
    • 8th Mar 18, 9:38 PM
    Help moving my pension 8th Mar 18 at 9:38 PM
    Hi new to this and looking for some help please. I've changed employers and I'm trying to move my old pension to my new workplace provider. They are both defined benefit schemes. However, my old employer is now saying that I need to get an IFA to review and sign off on my decision to move because it's over 30K, even though all the correspondence says you only need it if moving to defined contribution scheme. When I've challenged them they said their policy has now changed and they haven't updated their letters yet. On phoning around i'm being quoted 750 to get this done - seems ridiculous! Can anyone offer any advice???
Page 1
    • Brynsam
    • By Brynsam 8th Mar 18, 9:44 PM
    • 1,161 Posts
    • 780 Thanks
    Brynsam
    • #2
    • 8th Mar 18, 9:44 PM
    • #2
    • 8th Mar 18, 9:44 PM
    See https://www.moneyadviceservice.org.uk/en/articles/transferring-out-of-a-defined-benefit-pension-scheme for more information.

    Also worth talking to the Pensions Advisory Service if you are still stuck: https://www.pensionsadvisoryservice.org.uk/ask-us
    Last edited by Brynsam; 08-03-2018 at 9:49 PM.
    • kidmugsy
    • By kidmugsy 8th Mar 18, 9:44 PM
    • 10,897 Posts
    • 7,444 Thanks
    kidmugsy
    • #3
    • 8th Mar 18, 9:44 PM
    • #3
    • 8th Mar 18, 9:44 PM
    Does this involve the public sector "club" for DB pensions?
    Free the dunston one next time too.
    • xylophone
    • By xylophone 8th Mar 18, 11:58 PM
    • 25,599 Posts
    • 15,128 Thanks
    xylophone
    • #4
    • 8th Mar 18, 11:58 PM
    • #4
    • 8th Mar 18, 11:58 PM
    http://www.fsa.gov.uk/smallfirms/resources/factsheets/pdfs/pension_transfers.pdf

    Checklist page 4 above - DB to DB does not appear to require a pension transfer specialist.
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