Transferring out of my final salary pension

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.