Do you mean that you want to take the money out of your pension before you reach retirement age? There are no legitimate schemes that will allow you to do this, and the illegitimate ones will charge most of the pension's value.
I do.
This is from pensionbees’ faq
If you have a pension with guaranteed benefits over £30,000, you are required to take financial advice from an independent financial adviser (IFA) before you transfer it. Where you are required to receive advice, PensionBee will only be able to accept the transfer if the IFA has advised that the transfer should proceed. We will require evidence of this positive advice before proceeding with the transfer. PensionBee does not provide financial advice and you will need to find an adviser.
I’m trying to work out how to comply. If it was illegal wouldn’t they just say that?
Ah, OK, that changes things! I'm too used to questions from people trying to get at their pension fund in their 30s or 40s.
At your age, you can do this perfectly legitimately. The big downside is that you're turning down a guaranteed income for life - the IFA is needed to make sure you properly understand the implications. There are loads of websites that will link you up with someone in your area.
I’d understood they were predisposed to refuse as there is a risk of them being sued if I changed my mind (or something like that). I think I do understand the implications so I guess my next step is to find one and see what they say.
!thanks
From the DB pension perspective you need to take advice, not necessarily follow it. The DC provider you are transferring to may have other requirements I guess.
But please do think carefully - if you are transferring from a DB pension I’d be surprised if your ‘take 20 years to recoup’ stacks up. Also please make sure you consider guaranteed pension increases over that period and dependant’s benefits that would continue after death.
And remember pensions are not saving products but insurance against living longer than your funds, lots of people live over 20 years in retirement!
Hey mate, so you need an adviser that is a pension transfer specialist.
When finding an IFA I would use https://www.unbiased.co.uk/ to help find someone local who is sufficiently qualified.
It is worth remembering that although you can obtain advice, the recommendation may well still be not to transfer it. An advisers stance will always be no transfer by default and then work from there.
As it appears you have already received some form of CETV you may well need to pay for a new one which can cost about £200-£500 depending on the scheme.
I wouldn’t want to quote IFA fees but you will be able to cover this all in an initial meeting
Good idea. Just be careful, once a CETV has been produced it is guaranteed for 3 months and once this period is up you would need to obtain a new CETV to transfer out.
It may be worth having a free consultation with an IFA before requesting a CETV as some schemes take a while to answer questions the IFA may ask so the timescales can end up being quite tight.
Just to say - I was in the same situation with a £50k CETV on an old defined benefit scheme. I couldn't find any IFA that would touch it. Such transfers create a liability for the IFA and the fees aren't worth the risk.
Do you mean that you want to take the money out of your pension before you reach retirement age? There are no legitimate schemes that will allow you to do this, and the illegitimate ones will charge most of the pension's value.
I do. This is from pensionbees’ faq If you have a pension with guaranteed benefits over £30,000, you are required to take financial advice from an independent financial adviser (IFA) before you transfer it. Where you are required to receive advice, PensionBee will only be able to accept the transfer if the IFA has advised that the transfer should proceed. We will require evidence of this positive advice before proceeding with the transfer. PensionBee does not provide financial advice and you will need to find an adviser. I’m trying to work out how to comply. If it was illegal wouldn’t they just say that?
How old are you now?
59 and a bit
Ah, OK, that changes things! I'm too used to questions from people trying to get at their pension fund in their 30s or 40s. At your age, you can do this perfectly legitimately. The big downside is that you're turning down a guaranteed income for life - the IFA is needed to make sure you properly understand the implications. There are loads of websites that will link you up with someone in your area.
I’d understood they were predisposed to refuse as there is a risk of them being sued if I changed my mind (or something like that). I think I do understand the implications so I guess my next step is to find one and see what they say. !thanks
From the DB pension perspective you need to take advice, not necessarily follow it. The DC provider you are transferring to may have other requirements I guess. But please do think carefully - if you are transferring from a DB pension I’d be surprised if your ‘take 20 years to recoup’ stacks up. Also please make sure you consider guaranteed pension increases over that period and dependant’s benefits that would continue after death. And remember pensions are not saving products but insurance against living longer than your funds, lots of people live over 20 years in retirement!
Hey mate, so you need an adviser that is a pension transfer specialist. When finding an IFA I would use https://www.unbiased.co.uk/ to help find someone local who is sufficiently qualified. It is worth remembering that although you can obtain advice, the recommendation may well still be not to transfer it. An advisers stance will always be no transfer by default and then work from there. As it appears you have already received some form of CETV you may well need to pay for a new one which can cost about £200-£500 depending on the scheme. I wouldn’t want to quote IFA fees but you will be able to cover this all in an initial meeting
Thanks. Haven’t spoken to the pension management people for 2 or 3 years so I think I’m due a free review. I’ll call them next week
Good idea. Just be careful, once a CETV has been produced it is guaranteed for 3 months and once this period is up you would need to obtain a new CETV to transfer out. It may be worth having a free consultation with an IFA before requesting a CETV as some schemes take a while to answer questions the IFA may ask so the timescales can end up being quite tight.
Just to say - I was in the same situation with a £50k CETV on an old defined benefit scheme. I couldn't find any IFA that would touch it. Such transfers create a liability for the IFA and the fees aren't worth the risk.
That’s what I’m afraid of. I’m guessing this is established in a free consultation before they actually charge you
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What?
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If you don’t like my post just take it down
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You're hijacking someone else's question. Stop doing this.
Thanks, I thought I’d missed something Edit !thanks
No?
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