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    • pensionnovice
    • By pensionnovice 19th Jun 18, 9:53 PM
    • 4Posts
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    pensionnovice
    Should I Transfer My Final Salary Pension Fund?
    • #1
    • 19th Jun 18, 9:53 PM
    Should I Transfer My Final Salary Pension Fund? 19th Jun 18 at 9:53 PM
    Hi Everyone,


    I have a final salary Avesta Polarit (formerly British Steel) pension which has been frozen (deferred) since February 2006. I am 59 years old (60 on 30th Nov). I was made redundant before I was 50, so I did not receive my full pension. I will not get my full pension until I am 65 on 30/11/2023. I can access it when I want, but I will lose 5% for each year under 65 years old. For example, I would lose 25% if I was to access it when I'm 60. My last transfer valuation was on 28th June 2017 and was 406,407. My early retirement options on 14th Sept 2017 were: Option 1: A pension of 12,281 pa, a spouse pension of 6,140 pa without a lump sum payment. Option 2: A lump sum of 55,936, a pension of 8,391 pa and a spouse pension on death of 6,140. These figures would increase the longer I wait. I don't know what I would get when I'm 65.



    I know a few people who are in the same boat as me who have taken the decision to transfer their pension fund into either a private pension or an annuity scheme. I've heard conflicting opinions on whether or not you should do this. I have spoken to a financial advisor and she says I should definitely transfer it. She makes it seem like a no-brainer. I'm just worried that she could be telling me this so that she will get commission. I'm hoping that's not the case, but you can never be sure.


    I'm due to get another transfer value on 28th June this year and I've made arrangements to see her again when I get my transfer value. In the meantime, I would appreciate any feedback on this forum from anyone who can give an educated view on this. Thank you.


    David
Page 3
    • JoeCrystal
    • By JoeCrystal 12th Aug 18, 12:04 PM
    • 1,412 Posts
    • 873 Thanks
    JoeCrystal
    Hardly one of them will admit to being a chump. They'll thceam and thceam until they are thick. They'll cry mis-selling. They'll demand compensation.
    Originally posted by kidmugsy
    They will no doubt come to this forum crying about how they was badly advised. I am quite looking forward to the posts actually once we get to another big crash.
    • TBC15
    • By TBC15 12th Aug 18, 2:32 PM
    • 533 Posts
    • 275 Thanks
    TBC15
    Hardly one of them will admit to being a chump. They'll thceam and thceam until they are thick. They'll cry mis-selling. They'll demand compensation.
    Originally posted by kidmugsy
    And probably a couple of Rs.
    • TBC15
    • By TBC15 12th Aug 18, 2:57 PM
    • 533 Posts
    • 275 Thanks
    TBC15
    They will no doubt come to this forum crying about how they was badly advised. I am quite looking forward to the posts actually once we get to another big crash.
    Originally posted by JoeCrystal
    Quite right, while the rest of us investors will be laughing our socks off at the buying opportunity. No problems there
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