Ignoring financial advisor advice
Discussion
I've been looking at cashing in a final salary pension from my existing employer (they dropped it in 2009) and despite most of my colleagues receiving advice that it would fine, my IFA has advised against it - am I able to listen but ignore his advice and instruct him accordingly (an IFA has to sign this off).
Sorry for delay, wasn't sure whether to elaborate or not as I'm more focussing on whether I can proceed without my current IFA being in agreement.
So a bit more info, the DB pot I'm looking at represents 14 years from 1995 to 2009 before my current employer closed it. Although I'm fully aware that transferring a DB pot isn't the conventional wisdom and that on a whole long life basis DB will always be the best financially.
However my personal reasons are - I'm nearly 58 and see it as the only way to finance retiring at 60, my family aren't long lived, no male relative has lived past 60 for heart reasons (I have angina), I also have a painful back which isn't helped driving and sitting all day. I'm looking to be able to spend money in my sixties/seventies rather than guarantee the same income into my nineties, which I'll never see anyway.
Mortgage paid off last year, both kids left (for now!) Wife same age has a small £6k teacher's pension coming and I have reasonable amount in DC scheme and miscellaneous others.
The advice I've received seems to focus on buying an annuity with the cash (never considered obviously)or the investment risk of putting it into a pension like Royal London, as the market may be due a correction.
So a bit more info, the DB pot I'm looking at represents 14 years from 1995 to 2009 before my current employer closed it. Although I'm fully aware that transferring a DB pot isn't the conventional wisdom and that on a whole long life basis DB will always be the best financially.
However my personal reasons are - I'm nearly 58 and see it as the only way to finance retiring at 60, my family aren't long lived, no male relative has lived past 60 for heart reasons (I have angina), I also have a painful back which isn't helped driving and sitting all day. I'm looking to be able to spend money in my sixties/seventies rather than guarantee the same income into my nineties, which I'll never see anyway.
Mortgage paid off last year, both kids left (for now!) Wife same age has a small £6k teacher's pension coming and I have reasonable amount in DC scheme and miscellaneous others.
The advice I've received seems to focus on buying an annuity with the cash (never considered obviously)or the investment risk of putting it into a pension like Royal London, as the market may be due a correction.
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