Transfer your DB pension?

20 Apr 2017, 19:51

Mainly a question for RobertT or anyone that knows please.

Is it possible to transfer your DB pension out and into a SIPP of your choice?



Transfer your DB pension?

21 Apr 2017, 04:41

Your RM pension is now made up of two parts – the RMSPS(upto 2012) and RMPP(after 2012). The RMSPS is the governments responsibility and they have said that it won’t be possible to transfer that. More info here: viewtopic.php?f=27&t=69013

It should therefore be possible to transfer the RMPP, but whether it’s a good thing to do is questionable. You’ll be giving up your guaranteed inflation proofed pension in favour of a DC arrangement with no guarantees to what you’re likely to get.

You are often required to consult an IFA when making such transfers. But many IFA’s will not touch them, because they know that it’s generally a bad decision and it leaves them open to compensation claims in the future.

Transfer your DB pension?

21 Apr 2017, 08:24

Thanks RobertT for the reply.

Is it possible to get a rough estimate of how much my RMPP would be worth (lump sum?) if transferred into a SIPP?

Would i be best contacting a IFA 1st or RMPP?


Transfer your DB pension?

21 Apr 2017, 15:29

I would suggest you contact RM pensions in Chesterfield to check if you can do as I say, if so you should also be able to get a quote of the value from them.

But from some of you previous posts, I notice you are concerned by the impending closure to future accruals of the RMPP and it being replaced by an inferior DC scheme. So why do you want to transfer out of a good salary based scheme into another type of DC pension and lose your accrued benefits?

What you’ve built up so far in the RMPP(section c) probably won’t seem very much in money terms, but that will continue to increase with inflation until you draw it.

From the photo you posted here: viewtopic.php?f=27&t=75232&p=736508#p736508 you’ve already got £1,700 in index linked pension as of 31/3/15. This years (2017) statement will probably say about £2,300. If you wanted to buy a similar index linked income with spouses benefits using a DC pension pot, you would need approximately £90,000. That’s a damn sight more than your RMPP pension would be worth if you transferred it.

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