There are many reasons people choose to move from DB to DC and as said earlier its not for everyone, but if you are willing to accept the risks it can be very beneficial:

If you are single or divorced the spouse’s pension is of no use and the fund effectively dies with you rather than potentially being passed on to your children or other beneficiaries.

DC schemes can potentially offer a higher proportion of TFC, up to 25% of the fund value in comparison to the PCLS DB schemes normally offer.

You have the flexibility to take benefits from age 55 without the onerous reductions that most DB schemes apply on early retirement.

You may wish to access TFC without drawing income benefits or a small income to allow you reduce working hours, flexibilities that DB schemes can’t generally facilitate.

DC schemes are also a very effective way to pass on wealth without being subject to inheritance tax.

On the other hand, you could go mental and spunk your entire fund before you die……

True, but you take on the risk of providing the pension for you and your wife. A the moment the risk is only your pension if she carks it first. I assume you have some form of pension plan separate to MrsGT’s?

I think you might have read that the wrong way around.

MrsGeeTee has a defined benefit scheme (although that is now being closed down) and I have my own separate defined contributions pension.

We’ve both been saving about the same length of time and about the same amount each month. Her pot is something close to four times the vlaue of mine! This is the apartheid system of DB pensions and the pot of ‘other people’s money’ that will innevitably have to run out at some point.

So it’s her pot we would look to move.

Apartheid? Yawhatnow?