Hi, As you are taking advice you will no doubt be aware that this is a huge decision and one that could have serious financial implications if it goes wrong. My advice to people in this situation is always to start with the question of will the projected DB pension be sufficient for your needs and will it support your lifestyle in retirement? If the answer is ‘yes’ then there would have to be compelling reasons to consider the alternative.
Also, are you reaching your pension scheme’s ‘normal retirement age’ or are you taking benefits early? If the latter then early payment penalties may apply.
There can be valid reasons to consider a transfer and use the pension withdrawal flexibility and they include flexibility of income withdrawal (whereby you can increase.decrease, stop and start, etc.), income tax planning, the possibility of a much larger tax-free lump sum (in your case this is true i.e. 25% of £890k = £222k) and superior death benefits whereby the funds can be left to whoever you choose and would be tax-free if you die before age 75. All of this could be subject to change of course in the Autumn Budget.
You may wish to ascertain what the current DB pension provision is for your partner and whether they are financially dependant upon you and so would qualify for the spouse/dependants pension.
I hope that this is of help to you.