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  • FIRST POST
    • auldblerk
    • By auldblerk 9th Jul 17, 1:11 PM
    • 503Posts
    • 280Thanks
    auldblerk
    Deferred pension question
    • #1
    • 9th Jul 17, 1:11 PM
    Deferred pension question 9th Jul 17 at 1:11 PM
    I am 55 year old and have a deterred pension, is it possible to take a percentage of the lump sum.
    Been to google etc but not much information out there about this.
    Hope somebody here can help me with this.
    Cheers.
Page 1
    • Silvertabby
    • By Silvertabby 9th Jul 17, 1:21 PM
    • 1,271 Posts
    • 1,468 Thanks
    Silvertabby
    • #2
    • 9th Jul 17, 1:21 PM
    • #2
    • 9th Jul 17, 1:21 PM
    Depnds on the pension. Who is it with, is it DB (final salary) or DC (money purchase), what is your NRA (normal retirement age), etc etc etc
    • auldblerk
    • By auldblerk 9th Jul 17, 1:28 PM
    • 503 Posts
    • 280 Thanks
    auldblerk
    • #3
    • 9th Jul 17, 1:28 PM
    • #3
    • 9th Jul 17, 1:28 PM
    I would receive a lump sum and a pension at the age of 60
    • Silvertabby
    • By Silvertabby 9th Jul 17, 2:27 PM
    • 1,271 Posts
    • 1,468 Thanks
    Silvertabby
    • #4
    • 9th Jul 17, 2:27 PM
    • #4
    • 9th Jul 17, 2:27 PM
    Still not enough information - this could still be either a DB or a DC scheme.

    If it's a DB scheme then, depending on the scheme rules, you may be able to access (reduced) benefits from 55, but it's highly unlikely that you'd be able to take just a bit now and leave the rest for later.

    It would really help if you could post the name of the pension scheme and the date you left - otherwise we will be doomed to going round in circles !
    • xylophone
    • By xylophone 9th Jul 17, 2:30 PM
    • 22,013 Posts
    • 12,695 Thanks
    xylophone
    • #5
    • 9th Jul 17, 2:30 PM
    • #5
    • 9th Jul 17, 2:30 PM
    You have a deferred defined benefits pension?

    If so, and you are under Scheme Pension Age, you might be able to take your pension early with actuarial reduction.

    This would probably give you the facility to take a Pension Commencement Lump Sum but would also entail your taking the regular monthly pension.

    You should consult your scheme booklet and the administrators of your scheme for full details concerning your personal situation.
    • auldblerk
    • By auldblerk 9th Jul 17, 3:03 PM
    • 503 Posts
    • 280 Thanks
    auldblerk
    • #6
    • 9th Jul 17, 3:03 PM
    • #6
    • 9th Jul 17, 3:03 PM
    Strathclyde Pension Fund and I left in 2007
    • Silvertabby
    • By Silvertabby 9th Jul 17, 3:15 PM
    • 1,271 Posts
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    Silvertabby
    • #7
    • 9th Jul 17, 3:15 PM
    • #7
    • 9th Jul 17, 3:15 PM
    Strathclyde Pension Fund and I left in 2007
    Now we're getting somewhere!

    That's the LGPS so, no, you can't take a bit of money now and leave the rest until later - unless you transfer these benefits into a private drawdown scheme, which isn't a decision to be taken lightly. You'd need to take (and pay for) independant financial advice - including advice on what effects this would have on your current entitlement to means tested benefits.

    Otherwise, the earliest you can access this pension is 60 (as you left before 2014) and you would receive a one-off lump sum plus a monthly pension.
    Last edited by Silvertabby; 09-07-2017 at 3:18 PM. Reason: typo
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