I have preserved pension benefits in a Defined Benefit scheme with a private company which i left a few years ago - scheme member for 30 years. I have not yet started to draw pension from the scheme. I have no fears for the solvency of the fund or the long term survival of the company. I am now not working & would like to start drawing a pension.
I know the general view is that it is best to stay with the DB scheme and draw the pension. But i have circumstances that it would suit me to transfer out of the scheme. I would like to transfer to an arrangement that gave me the option of an ARF. Following recent changes that allowed Defined Contribution schemes to avail of ARF - is it possible for my DB scheme to get the ARF option. I am told by my scheme that I can only transfer to a Buy out Bond, which restricts me to buying an annuity, which I dont want to do. Why is a Buy out Bond not considered the same as a Defined Contribution scheme, and allowed access to ARF in the same way as DC scheme.
I also had small AVC element linked to my DB scheme during my time with the private company. Can all my DB preserved benefits be transferred to this AVC, and then get access to ARF.
Any help appreciated.
I know the general view is that it is best to stay with the DB scheme and draw the pension. But i have circumstances that it would suit me to transfer out of the scheme. I would like to transfer to an arrangement that gave me the option of an ARF. Following recent changes that allowed Defined Contribution schemes to avail of ARF - is it possible for my DB scheme to get the ARF option. I am told by my scheme that I can only transfer to a Buy out Bond, which restricts me to buying an annuity, which I dont want to do. Why is a Buy out Bond not considered the same as a Defined Contribution scheme, and allowed access to ARF in the same way as DC scheme.
I also had small AVC element linked to my DB scheme during my time with the private company. Can all my DB preserved benefits be transferred to this AVC, and then get access to ARF.
Any help appreciated.