Multiple pension pot advice sukidog

#1
I have been trying to find out what I have in my pension pot and have found out the following transfer figure from the pension



1. DB scheme valued £130 000

2. DB scheme valued £47 000

3. DC scheme valued £37000

4, Current DC scheme valued £15000 - currently paying into



I am 50 years old and have been wondering if I should combine the pots however everything I read seems to indicate the DB schemes are best left alone and currently increasing 7.5% per year.



First question is do these seem like they will provide me with a reasonable income in retirement. Second question if I wish to take 25% out at 55 could I take all of DC scheme currently valued at 37000 because it would be less than 25% of all the pots. Or can you only take 25% out if all schemes are consolidated.



Could I convert my DB schemes just before retirement, would this make financial sense?

#2



Could I convert my DB schemes just before retirement, would this make financial sense?


Historically, DB transfers were justified in around 1 in 10 cases. So, historically, the odds would say probably not. Some CETVs are high at the moment but that is artificial due to short term issues. When it will end no-one can say.






wondering if I should combine the pots however everything I read seems to indicate the DB schemes are best left alone and currently increasing 7.5% per year.


What is the critical yield required to beat the DB scheme?






Second question if I wish to take 25% out at 55 could I take all of DC scheme currently valued at 37000 because it would be less than 25% of all the pots. Or can you only take 25% out if all schemes are consolidated.


The DB schemes are not pots. So, you ignore them. Each DC scheme is its own scheme and what you do with one has no impact on the other (unless you exceed the lifetime allowance or are still making contributions).

#3
You dont say the scheme age, or the projected annual values at 55 or SA for the DB pensions.



when do you think you will stop working? What is your annual income requirement to to so?



Basically, the 2x DB pensions are probably the bedrock of your retirement. So knowing what I ask is important. To know how much more to save in your current scheme to make the retirement you want to happen?

#4
I would be hoping to retire at 60 with £20000 pension per year

Pension 1 is a deferred GMP from Tarmac and they have provided an estimate at 55 a pension of £3900 and an estimate at 62 at NRD £6300 per annum.

It also states the above figures include an estimated serps offset of approx £800 pa which will be deducted from your pension with effect from SPA.

Moreover in addition to the options listed above at each date an estimated temporary pension of approx £1200 pa will be added to your Benefits from your NRD to your 65th birthday when it shall also be deducted.



Pension 2 is a deferred GMP from ICI and the only figures they have provided other than the TV is the GMP at the age of 65. The estimate is £3816.



I am in a position where I can increase my pension payments but I am unsure how much I need to pay in.

also any opinions if the above pensions should ever be transferred out of the DB schemes.



My question about the above estimates is are they likely to continue growing and will the estimates increase each year or do the estimates include the future projected increases.

#6
I worked for ici from 1987 - 1991, it then became BLI and I stayed until 1995.

BLI became Tarmac years after I left.



I can't locate the paperwork fro when I left the scheme, I have only just managed to trace all my pensions and I am finding it very difficult to understand. I am going to see a financial advisor but would like to understand as much as I can beforehand.

#7
Make sure that you see an IFA with expertise in pensions as your situation has certain complexities, including the fact that you will receive your state pension in the new state scheme.



Ask the administrators of your DB pensions (in respect of each scheme)



What is my pre 88 GMP?



What is my post 88 GMP?



What is the excess?



Is my GMP revaluing by Fixed Rate in deferment?



Does "SPA" mean age 65 (GMP age for a man) or my state pension age?



How will my pension increase in payment?

#8
My ici states gmp built up before 1988 £998

GMP built up after 1988. £2817

Also states that increases to deferred pension before the benefit is paid will be 7.5% for each complete tax year.



On the face of it does this seem a good pension?

As I am fifty now I don't know if I should seek financial advice now or in 10 years time as there seems to be little I can do with the DB schemes, which seem to be growing quite nicely on there own.

I attempted to do my own calculation on the ICI pension alone working out the compound interest and the figures I am estimating I will receive at 65 are working out approx £11000 GMP pa, do you think this a correct assumption?

#9
Are you sure that it is 7.5% on the whole of the pension rather than on just the GMP? Or are you saying that the whole of the pension is GMP?

You can read the article linked to in my previous post.



You might prefer to wait to see the IFA until after 6 4 16 when you will be able to get your foundation amount for state pension.



An IFA should be able to check your deferred DB pensions for how they increase in deferment and payment and confirm the interaction with state pension.

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