OPEN MARKET OPTION ? or stay where I am ? Advice appreciated

dunstonh

Are you going to or likely to get pension credits?

Fountaine

Sorry but I don't know. I am not sure how pension credit works. I suppose until I get a forecast, I'm shooting in the dark somewhat. It was just that having had a full career which has spanned about 40 years, apart from the short breaks mentioned earlier, having paid a full stamp, I would have thought I was the epitomy of someone who would qualify for a full pension.

Thanks all for your help. I may resurrect this tomorrow when I have made a few calls. Thanks again

Fountaine

Sorry to bump this, but I have only just found the strength to think about it again. Any thoughts ? At the moment I am tending towards, taking lump sum and leaving residual amount as is, with L & G. Unless the drawdown thing might work for me. Fund is around £30k and I retire in Aug next year, so not much time to build anything up.

EdInvestor

Fountaine wrote: »

At the moment I am tending towards, taking lump sum and leaving residual amount as is, with L & G. Unless the drawdown thing might work for me.

You can't do this.If you want to keep the residual amount as capital (as opposed to converting it into an annuity) you have to put it into drawdown which almost certainly will mean you have to move it.

You'll never know how much state pension you are due until you ask;) Why not try, you might get a nice surprise.:)