Pensions - Independent Financial Advisor

[giggity]

So, I’m a long way away from retirement but I’m wondering if I should transfer in my existing pension from my former employer into my new pension.

The old pension does have DB but I’m not sure if they’re worth leaving there or just to move it all into one place.

I’m also wondering if I should move from the standard to some other investment options?

Any thoughts or recommendations for a PH resident IFA?

[The Leaper]

If the value of the DB pension exceeds £30,000 you'll need to demonstrate to the manager/administrator of the DB plan that you have obtained independent financial advice before the transfer can be made. So, get a quote for the transfer value first.

R.

[The Leaper]

PS,

This matter is better in the Finance forum...loads of information for you there about the potential transfer issues.

R.

[giggity]

Thank you.

It’s under 30K, now it’s if I should leave it there or move it.

I’ll try get a mod to move this to Finace.

[Wombat3]

giggity said:

Thank you.

It’s under 30K, now it’s if I should leave it there or move it.

I’ll try get a mod to move this to Finace.

If its under 30K, as explained you don't need the extent of the advice that you need if its over £30K

You still have to find an IFA willing to deal with it though as its a bit of a ball-ache to do by all accounts & you will need to set up a SIPP to put it in.

Beware transfer fees & annual fees thereafter

[martinbiz]

The general rule of thumb has always been that if you have a defered DB/final salary pension then it is best left where it is, you will struggle to get anywhere near the same returns and benefits by transferring it to another workplace or private pension scheme. Having said that over the last few years most schemes are dangling large carrots by offering sky high transfer values well above the norm because they want to off load defered pensioners out of the schemes wherever possible. Personal circumstances can have a large bearing on any decision, transferring may be a better option if you are in poor health and maybe have a short life expectancy so may not live to see the full benefit of a life time income from a DB pension
I would get a CETV (transfer value) first and see what they are offering and then take some advice from an IFA