Transfer Out of DB Pension

[SunsetZed]

I know there have been many topics on this and I've read through many of them but I can't find the answer.

My wife has a small (approx. £850 per annum) DB pension from a previous company and the transfer value on it is a smidge over £40k and almost 20 years until the retirement age of the pension so transferring it out seems like a bit of a no brainer to me especially as I believe that I can get advice paid for by the pension scheme.

Before going ahead with this has anyone got any thoughts as to the best way to proceed? I don't really want to take the default financial advice and then discover that the advice is not to transfer and end up with it stuck.

We have another DB pension and other DC pensions as well with a plan to prove that this source of income wouldn't be needed to rely on for retirement but anything else that could help and / or any IFA recommendations would be much appreciated.

[halo34]

You have to I think take the advice as its over 30k unfortunately.

This means you are tied into an IFA would will be able to do the work and associated fees.

By time you do that and the transfer (if you can find someone) it might not be worth the effort.

[SunsetZed]

halo34 said:

You have to I think take the advice as its over 30k unfortunately.

This means you are tied into an IFA would will be able to do the work and associated fees.

By time you do that and the transfer (if you can find someone) it might not be worth the effort.

Thanks my thinking is that anything over 30 times the annual income as an end result is worth investigating so, hugely annoying as it would be I'd try and be pragmatic and say that even if it costs £10k it would be worth investigating in my opinion but I'm not sure on the best way to start the ball rolling and I don't really want to spend a four figure sum just to get advice not to move it.

[Jamessd]

I think the requirement it to have sought advice, but you are not obliged to accept it. So even if the advice is not to transfer you can still do so, although the pension providers willing to accept transfer-ins from db schemes where the transferee is going against the advice given is potentially small.

Once the funds have been transferred to one of the willing providers, and ‘washed’ of their db origins then you’ll be free to transfer to any other provider without taking further advice.