Hi there, I want to transfer a deferred Defined Benefit (Final Salary) pension into an existing SIPP that I manage myself. The pension CETV is over £30k so I know that I have to seek financial advice before trying to arrange it.
My own circumstances are such that I currently have no need for additional pension income as I am divorced, live with my partner, have a good secure job that I enjoy, rent out my own properties, have other pensions and 2 children in late 20’s/early 30’s.
By transferring the total pension value to a SIPP I can take lump sums as/when the need arises and still have a sizeable inheritance to pass down to my children when the inevitable happens.
To be charged an eye watering 3 or even 4% fee for advice that I simply won’t need, nor take any notice of, seems like a complete waste of money, so is there any cheaper way of getting ‘advice’ in transferring a DB pension?
Many thanks for your interest in reading this and hopefully I’ll get some useful info back.
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