Defined Benefits Pension Transfer

[AndreaC74]

Hi, I ve a DB pension, with a CETV of around 250k i want to txfer it out, i ve other investments and smaller DC pensions, so i'm not relying on it when i retire.

My reason to do so is i'm no longer married and have no dependents, if i die, the pension dies with me.

Can anyone recommend a IFA or firm that would go through the FCA process?

Why don't you draw the scheme pension and leave the DC pensions untouched?

You will need to be prepared to pay for advice, even if the outcome of that advice is for you not to transfer out.

There is a large fee - minimum £7,500 I think as the IFA needs indemnity insurance, which is getting harder and more expensive to get

I did mine a couple of years ago, but the firm will not touch unless pension pot £300k + . Many are the same.

There is a lot of work involved for them to prove it is the best decision for you.

They now have to charge upfront regardless of decision which is a real nuisance. FCA are doing all they can to discourage DB transfers

My DM did this a few years ago and used/uses Jason Morris at Kingsley Financial Consulting, he's based in Cheshire but even if you aren't local it may still be worth contacting him now lots can be done remotely!

As PP says it's an expensive piece of work but it has certainly paid off for DM so far and she has been living solely off the growth which has been higher than projected despite COVID affecting the markets. Like you, she did it as she didn't want the pension to die with her, she was offered a transfer value from her pension scheme that was too good to not consider and as both my grandparents died in their 60's he went for it. Whether there is a minimum value Jason will deal with not sure, my mums was £800k.

Yes, i could but if i die tomo or more realistically, say in a few years time, i ve taken just a few 000s and the remaining is kept by the scheme.

I also don't really need it to survive either, so if it fell in value (in a SIPP) i wouldn't struggle.

Yes fees are large, but for a CETV of 250k, they would be about 5k, abridged advice is around 1k.

thankyou @IFAadvice i'll contact him

I recently transferred mine.

In the end I didn't use this guy as DH insisted I use his guy (who was good but expensive!) but Mark came highly recommended by an IFA mate... Mark Brett at Abacus Advisers. ([email protected])