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Standard Life STANPLAN A
toadysmum
Posts: 7 Forumite
I took out a STANPLAN A Executive Pension Plan (EPP) in 2003 when I was 36 and I first set up my one-man limited company.
The company has been paying monthly contributions since that time. I have paid myself a low salary and dividends (as is common in my line of work). I will shortly be starting a permanent job with another company and in preparation for that I was examining my STANPLAN A pension. I see that my "maximum" annual pension will be based on my "earnings" and length of service. As I have been paying myself a very small salary and will have only 7 years service, will this mean I will be limited in the amount of pension I can take out of the scheme at retirement, even if I have sufficicient funding for a larger amount? If this is the case, is there anything I can do to remedy the situation? I don't know if I will work for for my own company again - I may, or I may not.
Do the A-Day changes affect this issue?
Thank you.
The company has been paying monthly contributions since that time. I have paid myself a low salary and dividends (as is common in my line of work). I will shortly be starting a permanent job with another company and in preparation for that I was examining my STANPLAN A pension. I see that my "maximum" annual pension will be based on my "earnings" and length of service. As I have been paying myself a very small salary and will have only 7 years service, will this mean I will be limited in the amount of pension I can take out of the scheme at retirement, even if I have sufficicient funding for a larger amount? If this is the case, is there anything I can do to remedy the situation? I don't know if I will work for for my own company again - I may, or I may not.
Do the A-Day changes affect this issue?
Thank you.
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