Transfering Your BA and EasyJet Pension
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Transfering Your BA and EasyJet Pension
Guys, I wonder if anyone could help me, or comment where to look about this.
I have 2 defined benefit schemes one with BA and the other with EJ, and I am considering taking early retirement.
The value is unreal at the moment, and the ability to transfer is a healthy 7 figure sum, with the option to purchase into investment funds for tax efficient income that out weighs the potential income from my to defined pension schemes in 2 years. I have been looking at several options to take the cash value and invest privately. Has anyone did this, and what would you recommend.
I have 2 defined benefit schemes one with BA and the other with EJ, and I am considering taking early retirement.
The value is unreal at the moment, and the ability to transfer is a healthy 7 figure sum, with the option to purchase into investment funds for tax efficient income that out weighs the potential income from my to defined pension schemes in 2 years. I have been looking at several options to take the cash value and invest privately. Has anyone did this, and what would you recommend.
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Defined benefit scheme with easyJet??????????? Are you sure? easyJet have never had one.
I'm no expert on this subject but my understanding is that any pension can be transferred but if there is a defined benefit and the value of the fund is over £30K, you have to get an IFA to sign that he has given you advice. I know 2 IFA's and both are reluctant to get involved in this as they fear future litigation.
Google is your friend - search the 'Pensions Advisory Service' - they'll help
I'm no expert on this subject but my understanding is that any pension can be transferred but if there is a defined benefit and the value of the fund is over £30K, you have to get an IFA to sign that he has given you advice. I know 2 IFA's and both are reluctant to get involved in this as they fear future litigation.
Google is your friend - search the 'Pensions Advisory Service' - they'll help
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Balpa Financial Sevices. They have always given good advice. Lots of guys in TOM have take their defined benefit pensions into cash. Some with success others not so much. Your money, your choice.
If you access to one of the BALPA Internet forums it might be worth asking the same question there.
TBH I've heard mixed things about Balpa Financial Services (who I have used but a long time back). I know many people in BA have used and strongly recommend an outfit by the name of Delta Financial Management ( who I haven't used).
TBH I've heard mixed things about Balpa Financial Services (who I have used but a long time back). I know many people in BA have used and strongly recommend an outfit by the name of Delta Financial Management ( who I haven't used).
Last edited by wiggy; 17th Sep 2016 at 06:44.
Colin ; also, the Independent Pilot's Association had a group of very highly talented FA's. You may wish to contact through that line. Much has changed in the Pensions Industry and my recent experience demonstrates that the UK Financial Services Industry's own Watchdog & Regulators have made FA's highly sensitive to giving advice that might be considered tenuous. They mean well though and have your best interest at heart. Watch out for the QROPS people and the odd, friendly and tempting rogue FA in your local. I didn't fall for the banter but nearly bought a used Merc from one of them !
