2 final early pensions . Advice please.

[davidc1]

I hope this is an easy question!
I have an old RBS final salary pension worth approx 100k.
The wife has an old coutts final salary pension ,is worth approx 170k.
I am 48 the wife 41.
Leave it where it is till we hit 55 or should we be looking to do something else before then.
Thanks!.

[mikeiow]

For final salary (DB) schemes, perceived wisdom is almost ALWAYS leave well alone.
You would need an IFA to give you advice if you wanted to move it, and it sounds like a current hot potato: few would agree you should move it.
Why do you want to?

[Croutons]

davidc1 said:

I hope this is an easy question!
I have an old RBS final salary pension worth approx 100k.
The wife has an old coutts final salary pension ,is worth approx 170k.
I am 48 the wife 41.
Leave it where it is till we hit 55 or should we be looking to do something else before then.
Thanks!.

The transfer value is only relevant if you want to move them.

A better set of questions to ask first is what will they pay, when, and how will they increase over time? Then you know what you have available.

Then you start to add in questions about what additional provision you have, what that will pay, be it pension, property, business, savings etc.

In short, it's not "an" easy question at all. It's a series of questions.

[JulianPH]

It all depends on what you want to achieve with this money and would depend on the very important factors highlighted by Croutons.

I am with mikelow though. It is usually better to keep DB pensions where they are, unless you have some very compelling reasons to do otherwise!

[davidc1]

Thanks for the replies all.

I thought it was best to leave these be until we are 55 , then look at the options around cashing in / transferring to a SIPP etc.
thanks for confirming.

I do have other streams of income , other pensions and property , which will flow in , so these pensions are just part of the picture.