Pensions and Transferring

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iwblue
iwblue Posts: 120 Forumite
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in Pensions, annuities & retirement planning
I've got an old pension policy, used to be with Barclays and is now with Reassure. I started the pension in 1989 and stopped paying into it in approx 1996 as I moved into my employers pension scheme. The pensions worth approx £32000.

I'd like to retire possibly in the next 5 years or so and would be looking to have this money in a drawdown pension scheme, which it isn't at the moment.

I don't really know much about pensions, charges, investments etc. Is it possible to do all this myself, if I do some research, or is it really better to get an IFA?

Many thanks

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  • Dox
    Dox Posts: 3,116 Forumite
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    If it's a final salary scheme (which I think it is), and you want to transfer out to a SIPP, there is a legal requirement for you to show you have received (although not necessarily followed) advice from a suitably regulated and qualified person - so getting a financial adviser isn't optional, because you can't do the advice bit yourself.
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    It wont be a DB scheme. Reassure bought the old Barclays Life pension book some years back. It will either be a section 226 RAC, personal pension or stakeholder pension.

    As the Reasure pension cant do drawdown then you will need to move it in the lead up to retirement.

    Yes it is possible to DIY. DIY well and it will be cheaper than an IFA. DIY badly and it will be most costly.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • xylophone
    xylophone Posts: 44,412 Forumite
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    You are currently aged under 55?

    Does the pension policy have any safeguarded benefits, for example a Guaranteed Annuity Rate?

    If not, it should be possible to transfer the pension to a provider offering drawdown without the requirement to take advice.

    https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf
  • iwblue
    iwblue Posts: 120 Forumite
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    Yes I'm 54 at the moment, its a Personal Pension, and there are no safeguarded benefits with it.

    I've read about PP scams so I'm ultra cautious about giving someone access to this kind of info. What kind of checks should I undertake and what kind of charges are considered reasonable?

    Many thanks
  • xylophone
    xylophone Posts: 44,412 Forumite
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    You would approach a pension provider which offers drawdown and ask about a transfer.

    https://www.hl.co.uk/pensions/sipp/transfer-to-the-vantage-sipp

    might be worth a look.
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