norwich union

michaelcp55

hi,i have just tracked down a old grand met pension contracted out of serps , GMP and transferd to norwich union in 1991.the current value is £15400 i am now 53 could i obtain a cash lump sum and any advice would very much appreciated,regards mcp

dunstonh

i am now 53 could i obtain a cash lump sum

It depends on the pension. You mention GMP so that indicates it is probably a section 32 buy out bond. Depending on the guarantees, a lump sum may not be available on this contract or it may be reduced. That doesnt mean you cannot get a lump sum. Transferring to a personal pension would allow that but it also means you lose your guarantees. The value may not actually reflect the real income position in retirement (because of the guarantees). So, transfering and crystallising your benefits in an unsecured income plan could be a very bad move.

There is no way to tell without the figures being looked at in detail.

michaelcp55

thank you for your reply.
here are the details
type plan ;section 32 transfer buy out plan
fund type;conventional with profits.{not unitised}
commencement date;30 may 1991
premium type;single premium contract
original scheme;grand met pension fund
date of joining ;18 april 1983
date of leaving;31 jan 1991
final remunaration £10,311.00
inland revenue approval; section 591 2 g icta 1988
pso ref ;sf 37/86/142
the policy is not under trust
GMP
econ e3801650l scon s2710008f
pre 88 GMP at date of leaving £184
pre 88 GMP at state pension age £1499
post 88GMP at date of leaving £116
post 88GMP at state pension age £948
revaluation rate 7.50%.
many thanks michael