Final salary pension - transfer to drawdown?

[anonymous-user]

I have a historic final salary pension (acquired between 1995-2001)
@ age 55 (imminent) that pension would pay a paltry 6k PA now, that is with no cash lump sum.
Or leave as is, it will be Index linked until 60.

I have a few other pensions which I am currently transferring into deferred draw down scheme. Will take 25% tax free of those to clear all debt/pay for weddings/substantial sum left & park the rest until I either call it a day, or wangle redundancy (a years salary)

So the final salary pension of 6K, the transfer value is 260K...
I reckon 6KPA is a poor return on 260K.. If I live until 95 I could draw down & have some left (if investments/gamble keep track with inflation).
So considering transferring it to the draw down & taking 25% tax free ( will need IFA to proceed)

No need to dip into the drawdown until I give up work, to minimise tax etc.

Good move or bad?

[anonymous-user]

Thanks for all of the advice - IFA definately required & I'll need it anyway as a condition if I transfer it out..
I guess the pot is pretty good for around 6 years contributions, I didn't put that much into it all those years ago!
Thanks for the previous link
So now seems a good time to transfer if I were to do so it seems (the value is guaranteed for next 3 months)
I guess IFA will cost me a bit, any idea of ballpark figure for IFA please?

Edited by anonymous-user on Wednesday 14th December 15:30

[anonymous-user]

A transfer value if 40+ times the annual return appears very generous to me.
If I drop off the perch the final salary scheme widows pension would only be around 3 PA (whereas the better half would get the pot tax free until 75)
All of which leads me to the conclusion that transferring 260k to a flexible drawdown is sensible option for me (25% tax free then park the rest until I need it with something like HL flexible draw down )
Would an IFA rubber stamp this? I'm not thrilled about having to spend 2k for advice, even less so if they would say leave 'as is'. Will explore the IFA options via free advice lines I guess..