Section 32 Pension & GMP

__Chris

Hi

I have a pension that matures next June on my 65th birthday.

It's a Section 32 policy with a guaranteed minimum pension.

What does this mean?

xylophone

http://m.financialadvice.net/s32_buy_out_plan/zone/1288

xylophone

And have you obtained a new state pension statement?https://www.gov.uk/check-state-pension

wary

__Chris wrote: »

Hi

I have a pension that matures next June on my 65th birthday.

It's a Section 32 policy with a guaranteed minimum pension.

What does this mean?

It's the guaranteed minimum that they have to pay you based on your contracted-out record ... and quite likely all you'll ever get although will be subject to indexing.

Can I ask when & how you came to have this S32 policy?

dongilchrist

__Chris wrote: »

Hi

I have a pension that matures next June on my 65th birthday.

It's a Section 32 policy with a guaranteed minimum pension.

What does this mean?

I just reached retirement and have just accessed my option 32 policy
The policy was originally with the co-op but was later sold onto Royal London
They gave me a transfer value with i didn't take
I was offered a set amount a week or take £27k tax free and and get a smaller amount per week
It increases 3% per annum
Any questions please ask