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Transferring out of my final salary pension

Home Messageboards Banking and Financial Services Forum Transferring out of my final salary pension

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    AvatarPaul
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    Hello Team
    I have just had my question read out on Radio Wales & was advised to contact you directly for advise.

    I will be 60 in August and be entitled to draw my Final Salary Pension from British Airways.

    I am considering transferring out of their scheme into a personnel pension.

    My reasons for this are that the BA scheme is capped at 5%, also, on my death I would be able to pass on the balance of my pot to my daughters to help with their long term future.

    I can remember double digit inflation. If this were to re-occur, then very soon my pension would be worth very little.

    I can’t find any inflation forecasts that take into account the present COVID impact on the economy.

    I live alone, my partner has her own property & pension, she’s worth more than me. We keep our finances separate.

    I have another pension due in August that is from my days with the army & civil service. I will not transfer out of this scheme which is forecast to pay £4,000 per annum.

    The last transfer value I had from BA was approximately 26 times its yearly payout. The present valuation is expected to be more than that. I am still waiting for this calculation from BA.

    I own my own home. I have some cash savings. I have no debts. I am in good health.

    I am a beekeeper which gives me a cash neutral hobby after I’ve sold my honey & candles.

    I will need to speak to an Independent Financial Adviser as my pension pot is worth over £30,000.

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