Snorvey wrote:As a matter of interest, was the recommendation to transfer or to leave it where it is?
Recommendation was to transfer. The scheme is from my very first employer who I worked for only 8 years and so the defined pension involved represents a small portion of my projected final retirement income (My starting salary with them was £5650 a year back in 1989!) The scheme doesn't pay out until I'm 65 and the spouse pension is quite poor (1/3 of original) which is a major factor for me as my wife is 10 years younger and likely to outlive me by some margin. In contrast I have another DB pension from my second employer worth considerably more (as I was earning a higher salary by this time and was with them longer) which I have chosen not to transfer as it can be taken from age 60 with no reduction and provides a 100% spouses pension.
Main reasons for the transfer were to provide some (hopefully) tax free cash for my wife and kids on my death (I have two small children, one aged 2 years and the other 8 months) who I would like to receive the money from this SIPP as my current pensions (apart from the second DB one) provide fairly poor spousal/dependents cover. Once I shuffle off the wife can decide to carry on taking the income from the investments if she feels she needs it, or take the cash, or give it to the kids to help buy houses/pay for university, or whatever she feels most appropriate at the time.