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  • FIRST POST
    • __Chris
    • By __Chris 4th Jul 17, 8:29 AM
    • 1Posts
    • 0Thanks
    __Chris
    Section 32 Pension & GMP
    • #1
    • 4th Jul 17, 8:29 AM
    Section 32 Pension & GMP 4th Jul 17 at 8:29 AM
    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?

Page 1
    • xylophone
    • By xylophone 4th Jul 17, 11:09 AM
    • 23,419 Posts
    • 13,611 Thanks
    xylophone
    • #2
    • 4th Jul 17, 11:09 AM
    • #2
    • 4th Jul 17, 11:09 AM
    http://m.financialadvice.net/s32_buy_out_plan/zone/1288
    • xylophone
    • By xylophone 4th Jul 17, 11:12 AM
    • 23,419 Posts
    • 13,611 Thanks
    xylophone
    • #3
    • 4th Jul 17, 11:12 AM
    • #3
    • 4th Jul 17, 11:12 AM
    And have you obtained a new state pension statement?https://www.gov.uk/check-state-pension
    • wary
    • By wary 5th Jul 17, 5:02 PM
    • 683 Posts
    • 299 Thanks
    wary
    • #4
    • 5th Jul 17, 5:02 PM
    • #4
    • 5th Jul 17, 5:02 PM
    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?

    Originally posted by __Chris
    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
    • By dongilchrist 10th Jul 17, 1:05 PM
    • 5 Posts
    • 0 Thanks
    dongilchrist
    • #5
    • 10th Jul 17, 1:05 PM
    • #5
    • 10th Jul 17, 1:05 PM
    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?

    Originally posted by __Chris
    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
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