Hi
I have a Smurfit Kappa Defined benefit pension and am a deferred member for about 15years now. To date all the advice was not to transfer it to say a PRB for example and leave it sit and words like "gold plated" were used. However in a recent meeting with a QFA his advice was to move it for the following reasons:
Smurfit say it is only ~55% funded and will offer full transfer value €100K approx until end of the month. This may be extended but maybe not.
Pension will pay €14k pa and there is an AVC €15K.
There is no spouses pension so it dies with me in retirement
QFA feels the scheme will be wound up before my retirement date of 2037 so risk not getting full transfer value
I have other DC pension schemes from current employment.
As this is the first time I have been told to move it, I am concerned about the advice and would really appreciate any thoughts.
I have a Smurfit Kappa Defined benefit pension and am a deferred member for about 15years now. To date all the advice was not to transfer it to say a PRB for example and leave it sit and words like "gold plated" were used. However in a recent meeting with a QFA his advice was to move it for the following reasons:
Smurfit say it is only ~55% funded and will offer full transfer value €100K approx until end of the month. This may be extended but maybe not.
Pension will pay €14k pa and there is an AVC €15K.
There is no spouses pension so it dies with me in retirement
QFA feels the scheme will be wound up before my retirement date of 2037 so risk not getting full transfer value
I have other DC pension schemes from current employment.
As this is the first time I have been told to move it, I am concerned about the advice and would really appreciate any thoughts.