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Would this fall under DB transfer rules?

PeterMPeterM Member
edited July 30 in Technical stuff

We have a client who was a member of the Civil Service pension scheme for less than 2 years so has been offered a choice a refund of their contributions or a transfer value of around £75k.

There is no option of a deferred pension, only the refund of contributions or the transfer value so would this come under the DB transfer rules?

We gave up our DB permissions a while ago so if it counts as a DB transfer then we would need to refer it to our DB partner.

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Comments

  • WildparaplannerWildparaplanner Member

    My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me will set the record straight though...

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  • PeterMPeterM Member

    @Wildparaplanner said:
    My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me will set the record straight though...

    That's what I would think too, but it's financial services so just because something sounds logical and sensible doesn't mean that it is correct :D

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  • les_cameronles_cameron Member

    @PeterM said:

    @Wildparaplanner said:
    My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me will set the record straight though...

    That's what I would think too, but it's financial services so just because something sounds logical and sensible doesn't mean that it is correct :D

    I don't think it's technically no safeguarded benefit being given up - it's crystal clear no safeguarded benefit is being given up!

    And if you are not giving up safeguarded benefits you are not doing a pension transfer.

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  • PeterMPeterM Member

    @les_cameron said:

    @PeterM said:

    @Wildparaplanner said:
    My opinion is that surely it wouldn't, as there is technically no safeguarded benefit being given up as they aren't entitled to any? I'm sure someone with more knowledge and understanding than me will set the record straight though...

    That's what I would think too, but it's financial services so just because something sounds logical and sensible doesn't mean that it is correct :D

    I don't think it's technically no safeguarded benefit being given up - it's crystal clear no safeguarded benefit is being given up!

    And if you are not giving up safeguarded benefits you are not doing a pension transfer.

    Thanks Les, much appreciated.

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