"If they are final salary schemes do nothing without proper knowledge "
You aren't allowed to do cash final salary pensions into SIPP type pension pots without the recommendation of an IFA who has the relevant qualification in pensions (which is not a lot of them, though they will all have a company they can refer your stuff to. Also at the time I was doing it, even if you had the required approvals there were some companies that would not take it.
This approval doesn't come cheap, I was told not less than £6k and that was 5 years ago. The issue is that they could potentially be sued for bad advice so have liability insurances to keep up long after you've left them.
But I'm not sure that was even in Bobby's mind.
Anyway - for me, my final salary scheme company eventually offered me about 20 x my projected annual pension for me to go away, plus the IFA costs to achieve it. I'm thinking I've done the right thing because the pension wasn't as good as some out there - not inflation proofed, fund was significantly underfunded, and I had a quite reasonable amount of savings so really didn't want an income which would be taxable from day 1. |I also left the 25% tax free in the pot rather than having a lump sum top splurge.
Lastly I knew a couple who worked for BA for their whole lives and left with a really decent pension. Both had died within maybe 4 years of retiring and so all that money just went - nothing for the (grown) family. So the pot is a also pretty good piece of wealth management which generally has significant benefits for IHT, especially if you croak before 75.
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