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pension help please
affordmylife
Posts: 1,224 Forumite
my husband has had a company pension for the past 20 years which will come out at 60. he is quite happy with that.
his company have now ceased that pension plan and what employees to begin a new scheme. my husband is currently 45 and would ideally like to retire at 55. the new company pension is due to come out at 65. we have all the paperwork here but cant make any sense of it at all.
what he would like to know is can he join the scheme but opt out at 55. or is there another way that would be of better benefit to him. i.e. some sort of private pension for the next ten years. he is planning to pay in between £100 and £200 per month. obviously with the company pension the company also adds a percentage per month on top of my husbands contribution.
any suggestions or ideas would be most welcome. thank you all very much.
his company have now ceased that pension plan and what employees to begin a new scheme. my husband is currently 45 and would ideally like to retire at 55. the new company pension is due to come out at 65. we have all the paperwork here but cant make any sense of it at all.
what he would like to know is can he join the scheme but opt out at 55. or is there another way that would be of better benefit to him. i.e. some sort of private pension for the next ten years. he is planning to pay in between £100 and £200 per month. obviously with the company pension the company also adds a percentage per month on top of my husbands contribution.
any suggestions or ideas would be most welcome. thank you all very much.
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Comments
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the new company pension is due to come out at 65
If the new scheme is money purchase (which most replacement schemes are) then the selected retirement age is just a date on paper. It is not cast in stone. If he wants it earlier or later he can have it. The scheme booklet should confirm that.
The 65 age doesnt match anything for your husband as he will get his state pension at 66. Its just 65 is pulled out of the air to match the old state pension age.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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