We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
what does 'protected rights pension' mean?
Comments
-
Geoff, as the rules stand now and if you bought the annuity today, a single person doesnt have to buy a spouses pension on protected rights.
The future rule change proposed is that the difference between protected and non protected rights is abolished. The changes in the 2007 pensions act are expected to come into force around 2012 although it could be delayed until 2015.
Removing the rule on survivors’ benefits means that once contracting-out on a defined-contribution basis ceases, there will be no requirements for how past protected rights might be used.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 -
After the proposed rule change there will also be no need to keep records of which money is protected rights and which isn't. From that point you'll get the same options for all of the money.
There's also no requirement to buy an annuity. You can use income drawdown (unsecured pension) to take income from investments instead of buying an annuity.0 -
does this change in 2012 apply to GMP as well? is that being abolished?
thanks0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.1K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards