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  • FIRST POST
    • memberme
    • By memberme 6th Oct 17, 11:13 AM
    • 196Posts
    • 51Thanks
    memberme
    SERP drawdown
    • #1
    • 6th Oct 17, 11:13 AM
    SERP drawdown 6th Oct 17 at 11:13 AM
    I have an old Canon/Lincoln account that was used for contracted out of SERPS payments from 1989 until about 2000 ish I think.( I didn't work for Canon/Lincoln).


    I moved the share choice from the original government managed shares to far eastern and it has done rather well with around 50K sitting there in Canon/Lincoln


    Can I draw 25% out of this old contracted out of SERPS account at age 55? I'm currently 52
Page 1
    • xylophone
    • By xylophone 6th Oct 17, 11:39 AM
    • 23,635 Posts
    • 13,770 Thanks
    xylophone
    • #2
    • 6th Oct 17, 11:39 AM
    • #2
    • 6th Oct 17, 11:39 AM
    Former protected rights type policy.

    https://www.drewberryinsurance.co.uk/pensions-advice/faqs/what-are-protected-rights-pensions

    It may be that your current provider will not facilitate your drawing the 25% and leaving the rest - you may need to transfer to another provider.

    An HL SIPP might suit.

    http://www.hl.co.uk/pensions/sipp
    • dunstonh
    • By dunstonh 6th Oct 17, 11:58 AM
    • 89,873 Posts
    • 56,545 Thanks
    dunstonh
    • #3
    • 6th Oct 17, 11:58 AM
    • #3
    • 6th Oct 17, 11:58 AM
    There is no such thing as SERPS any more. Your fund is reclassified as non-protected rights (the same as if you paid in yourself). Lincoln probably refer to it as former protected rights on their statements.

    I moved the share choice from the original government managed shares to far eastern and it has done rather well with around 50K sitting there in Canon/Lincoln
    The Govt has never managed any investment funds for consumers.

    Can I draw 25% out of this old contracted out of SERPS account at age 55? I'm currently 52
    Yes. But not with Lincoln. It would need transferring to a modern plan.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • memberme
    • By memberme 6th Oct 17, 12:16 PM
    • 196 Posts
    • 51 Thanks
    memberme
    • #4
    • 6th Oct 17, 12:16 PM
    Dunstonh
    • #4
    • 6th Oct 17, 12:16 PM
    Dunstonh.


    I'm rather new to pensions etc.
    What do you mean by a modern pension?
    Give an example please (will not be taken as a recommendation)
    • dunstonh
    • By dunstonh 6th Oct 17, 6:52 PM
    • 89,873 Posts
    • 56,545 Thanks
    dunstonh
    • #5
    • 6th Oct 17, 6:52 PM
    • #5
    • 6th Oct 17, 6:52 PM
    What do you mean by a modern pension?
    Financial products are just like most retail products. New versions of pensions get issued using modern software offering modern options. Old pensions on old hard coded software cannot offer most of the modern options and methods and it is far too expensive to change that. Charges on old plans tend to be much higher than modern plans. Investment options today are vastly superior to the past.

    In phone terms, it would be like having a mobile phone from the 90s compared to one today. Or comparing a black & white TV with a modern ultra HD with surround sound. Or an Austin Allegro (as that is what most Lincoln plans were like) with a modern car.

    Occasionally, you get the odd old pension that is a gem and worth keeping. So, you cant assume all old stuff is bad. However, in general, most plans issued before 2005 cannot offer the modern options.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Mnd
    • By Mnd 6th Oct 17, 7:07 PM
    • 254 Posts
    • 288 Thanks
    Mnd
    • #6
    • 6th Oct 17, 7:07 PM
    • #6
    • 6th Oct 17, 7:07 PM
    Thanks, I had a Austin Allegro ��
    • Terron
    • By Terron 7th Oct 17, 10:40 AM
    • 113 Posts
    • 116 Thanks
    Terron
    • #7
    • 7th Oct 17, 10:40 AM
    • #7
    • 7th Oct 17, 10:40 AM
    Thanks, I had a Austin Allegro ��
    Originally posted by Mnd
    My first car was one. 100 miles/pint of oil.
    • Silvertabby
    • By Silvertabby 7th Oct 17, 12:49 PM
    • 1,924 Posts
    • 2,429 Thanks
    Silvertabby
    • #8
    • 7th Oct 17, 12:49 PM
    • #8
    • 7th Oct 17, 12:49 PM
    “ Thanks, I had a Austin Allegro ��
    Originally posted by Mnd
    My first car was one. 100 miles/pint of oil.


    My dad had an Allegro. Just as I was setting off on a shopping spree with my mum he shouted through the window that I should avoid any hills as the clutch as a bit 'slippy'


    I was thrilled to find a parking spot on the bottom level of the shooping centre car park - until we got back to find that the only way to exit the car park was via the top level..... Dad was not a happy bunny when he found that he had to get the handbrake fixed as well as the clutch!
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