Thanks for the replies guys.
I'll be 53 in a week, so I'm not in a position yet to draw any kind of pension but at 55 I'm looking at semi-retirement.
I'm fortunate that I have a good company pension along with a Stakeholder pension. Both have averaged close on 20% growth pa for the past 10 years so have no issues with keeping the money invested in a pension.
The Final Salary pension can be drawn at 65 without penalty and equates to just over £10k pa. The offer from the company to cash it in is 43.5 what they'll pay me pa. So you can see why the cashing in option is tempting especially as I have 2 other decent pensions as well.
@Serg1 My wife and I already have a flat which we rent out and I'm not interested in purchasing anymore property.
@Adder, I'll drop you a PM when I get home.
I had a review a year ago, best advice I had (which you can ignore) is to leave it in a cast iron guaranteed pension scheme until you are ready. There is very little point in moving it until you are ready unless you have a strong feeling that interest rates are going to rise.
You sound like you are in a good position as you have an existing pension and you can accept the risk. The IFA will conduct a review which when I looked was around £2000 and then there is a fee on top to transfer.
The fact they have given you a factor of 43.5 sounds a no-brainer but you need to clarify if the 10kpa is index linked or fixed and if there is something for your wife if you croak first.
My IFA gave a broad hint that pension schemes were offering a higher multiple the closer you were to retiring.
Also worth having a think about your risk appetite for that £435,000 when you move it to a SIPP (or whatever).