Transferring all pension benefits to personal pension

[Rapido123]

Hi, just working through plans for my retirement. Just wondering if anybody had transferred out all of their pension benefits to a personal pension and how it turned out for them, it’s something I’m looking into and does seem a possible option, I know you lose certain benefits and protections But just wondered if anybody had gone down this route and how it had turned out, thanks

[RobertT]

You can only transfer RMPP(2012-2024) benefits to a personal pension.

If the Cash Equivalent Cash Value(CETV) is more than £30k, you'll need the approval of an IFA who needs to say it's in your best interests to transfer - it's not just a box ticking exercise!

Only about 10% are actually qualified to perform DB to DC transfers and if you manage to find one who says yes, they'll charge a hefty fee.

Although technically it is possible without an IFA, but most if not all personal pension providers won't accept a transfer without IFA approval.

CETV's are at an all time low!

The odds of even being able to do it aren't in your favour I'm afraid.

*RMSPS benefits can only be transferred to another DB pension.

[Rapido123]

Thank you