I'm looking for some help. I have a deferred defined benefits pension scheme and I am looking to transfer it to a SIPP. The pension is one of three deferred final salary pensions that I have and the value is roughly ten percent of my total pension savings. Because the value is in excess of £30k I am legally bound to take independent financial advice before I can make a transfer. I spoke with a pensions advisor today and he told me that he cannot advise me as I'm under the age of 54 years and six months and that few advisors would be able to help me as I'm just a couple of months away from being fifty. My question is, do any of you know of an indepedent financial advisor who would be willing to provide advice to somebody of my age about a potential transfer from my deferred DB scheme into a SIPP. Thank you for taking the time to read my post.
Hi a lot of IFA's have pulled out of this market due to rising business insurance costs not making it worth their while touting for business.
The under 54 years and six months quote sounds odd, again most IFA's would prefer people being over 55 as one of the justifications for moving would be if someone wanted to retire early say at 55 and they are unable to do that under the DB scheme in question at age 55.
I would contact some of the big national firms but be aware it will probably be a high initial charge and most will charge £3-5k just to advise if you should move or not and if its a don't move verdict you will not get your 3-5k fee back.
You will need to prove you don't need the scheme in question to support your standard of living work out your monthly outgoings, get a state pension forecast and if that and the other DB schemes are sufficient to provide for your future needs you should be okay.
If the state pension and other DB schemes don't cover your outgoings it will be a struggle to justify moving the DB pension unless you have other sources of income as well such as rental, investment etc.
Regards
Andy
