Pension

[97gaz]

I think it's a bit moot point anyway. To be able to do anything with a pension worth more than £30k you must take financial advice by a registered financial advisor. I don't think they'll take the word of Bob on the postie forum.

[aiden01]

I think it's a bit moot point anyway. To be able to do anything with a pension worth more than £30k you must take financial advice by a registered financial advisor. I don't think they'll take the word of Bob on the postie forum.

Who says you must take advice from a registerd financial advisor. lots of people ask for advice on here nobody has to take it as after all its only advice.

[97gaz]

Who says you must take advice from a registerd financial advisor. lots of people ask for advice on here nobody has to take it as after all its only advice.

I cashed in two old pensions recently. I was only able to do that because they were each worth less than £30k. Had either been over £30k then there was no chance I could have cashed them in because no financial advisor would advise that I should. There is a legal requirement to take financial advice to cash in certain DB schemes over £30k.

[RobertT]

I cashed in two old pensions recently. I was only able to do that because they were each worth less than £30k. Had either been over £30k then there was no chance I could have cashed them in because no financial advisor would advise that I should. There is a legal requirement to take financial advice to cash in certain DB schemes over £30k.

You need a financial advisor to sign off a DB pension transfer worth more than £30k.
As you rightly say, many IFA's won't do it because it's not usually in your best interests. Plus you have to pay quite high charges.
But just because it's value might be less than £30k, doesn't mean transferring out is in your best interests!

There are other instances where financial advice might be worth taking, but isn't required. Such as taking your pension before NRA or investment choices with AVC's or the RMDCP.
The value of those can run into the hundreds of thousands and doing the wrong thing can cost a lot of money!

[97gaz]

But just because it's value might be less than £30k, doesn't mean transferring out is in your best interests!

Absolutely. In my case I felt it was a no brainer. Not in fabulous health (though don't intend croaking anytime soon) and both pensions together paid out £600 pa and the transfer value was 85X!