A CETV of 40x I wish, mine is close to 15-16 X max payable pension. Then again it is Guaranteed and could start in 2 1//2 years time, 3 1/2 years for full state pension. So a decent starting point for my income once retired fortunately I also have about £200K in DC schemes. In some respects being made redundant 18 months ago and new role paying half what I had been earning ( but I had been saving 30% of that into my pension) means I am not extravagant in my lifestyle so I’ll be more than comfortable in retirement
Thank you for your comment. The 40x is in regard to the first annual pension, which was a level of multiple we saw regularly at the end of 2021. However, it has gone down now to closer to 25x on average. 15-16x the starting salary does not sound correct for your CETV, unless you are averaging out the payment over your expected lifetime?
@@cameronjamespensiontransfer hi Dominic, illustration is £156K with max pension just under £10K, maximum tax free cash about 47K and pension of £7K. so not great I did receive an incorrect valuation the other year of £200K which I was very tempted to cash in as potentially with the years left of growth could have have grown to close to £250K giving me close to £500K as a pot. It stays where it is now, as my plans are based on the tax free sum plus two lots of state pensions, my DB at £7K. Income from rental properties and what I take from DC schemes. Importantly the beneficiaries are logged for all the different pots
@@guyr7351 So you have decided that you think maintaining your DB safeguarded asset is the best option for you? And that paying money for an authorised Advice process is not worth it for you?
@@cameronjamespensiontransfer hi Dominic, yes on two fronts 1) the CETV is a low value and given last years activities possibly even lower now 2) payment is guaranteed for life, so combining that with my state pension gets me close to £18K a year. Plus my wife also has a max state pension 3) my DC pot of £200K plus 47K tax free and I have 30K invested elsewhere. 4) we have rental income of £1K a month on top of the above. We will be OK in retirement with the above
Duly noted, it sounds like you are able to meet your retirement needs, as such, there is not much point need to consider transferring your DB scheme. What has been the 5 year performance on your DC pension? With DC provider is it managed by or is it inside a SIPP?
A CETV of 40x I wish, mine is close to 15-16 X max payable pension. Then again it is Guaranteed and could start in 2 1//2 years time, 3 1/2 years for full state pension. So a decent starting point for my income once retired fortunately I also have about £200K in DC schemes. In some respects being made redundant 18 months ago and new role paying half what I had been earning ( but I had been saving 30% of that into my pension) means I am not extravagant in my lifestyle so I’ll be more than comfortable in retirement
Thank you for your comment. The 40x is in regard to the first annual pension, which was a level of multiple we saw regularly at the end of 2021. However, it has gone down now to closer to 25x on average. 15-16x the starting salary does not sound correct for your CETV, unless you are averaging out the payment over your expected lifetime?
@@cameronjamespensiontransfer hi Dominic, illustration is £156K with max pension just under £10K, maximum tax free cash about 47K and pension of £7K. so not great I did receive an incorrect valuation the other year of £200K which I was very tempted to cash in as potentially with the years left of growth could have have grown to close to £250K giving me close to £500K as a pot. It stays where it is now, as my plans are based on the tax free sum plus two lots of state pensions, my DB at £7K. Income from rental properties and what I take from DC schemes.
Importantly the beneficiaries are logged for all the different pots
@@guyr7351 So you have decided that you think maintaining your DB safeguarded asset is the best option for you? And that paying money for an authorised Advice process is not worth it for you?
@@cameronjamespensiontransfer hi Dominic, yes on two fronts
1) the CETV is a low value and given last years activities possibly even lower now
2) payment is guaranteed for life, so combining that with my state pension gets me close to £18K a year. Plus my wife also has a max state pension
3) my DC pot of £200K plus 47K tax free and I have 30K invested elsewhere.
4) we have rental income of £1K a month on top of the above.
We will be OK in retirement with the above
Duly noted, it sounds like you are able to meet your retirement needs, as such, there is not much point need to consider transferring your DB scheme.
What has been the 5 year performance on your DC pension? With DC provider is it managed by or is it inside a SIPP?