Can I take the non GMP element of my pension?

DAP67

Hi all you helpful folks
I have a deferred pension from a final salery pension which I was a member of between April 1975 and exit date April 1988. The scheme was contracted out in April 1978.The retirement age of that plan is 62 years , which I now am.

The last time I asked for details about the pension was in May 2006 and at that time was told that the pension did not reach GMP.

If this has now changed would I be able to draw the no GMP element of the pension or would I have to wait until I am 65 for any of this pension?

Mant thanks in advance for your help

Mrs_Stick

I assume that you are male?
(yes, this is relevant!)

DAP67

Yes thats correct , sorry should have mentioned that

Mrs_Stick

If the Normal Retirement Age of the plan is 62, then you should be able to take your benefits at age 62.

They may, however, restrict the amount of lump sum you can take to ensure that your GMP is covered at age 65.

They may have to 'step up' your pension at age 65 to ensure that the GMP is covered if the pension increases awarded between 62 and 65 have not been sufficient to put your pension in payment above the GMP (if that makes sense).

If you are 62 within the next 6 months the pensions administrators should have already contacted you. If not, give them a call and (if they are as good as me they will help you out)

RichandJ

Mrs_Stick wrote: »

If the Normal Retirement Age of the plan is 62, then you should be able to take your benefits at age 62.

They may, however, restrict the amount of lump sum you can take to ensure that your GMP is covered at age 65.

They may have to 'step up' your pension at age 65 to ensure that the GMP is covered if the pension increases awarded between 62 and 65 have not been sufficient to put your pension in payment above the GMP (if that makes sense).

If you are 62 within the next 6 months the pensions administrators should have already contacted you. If not, give them a call and (if they are as good as me they will help you out)

6 months out is rather far Mrs Stick, 3 to 4 months before NRD is more usual. Plus of course, an occasional godsend for administrators, the disclosure time limit is one month after NRD .

Mrs_Stick

sorry, we have to do 6 months!

Its 6 months prior for DC schemes and up to 1 month after for DB schemes.

RichandJ

Thankfully, as in my sig, I mainly only work on DB. I am aware that the underlings who deal with DC have to write to people 6 months away. How vulgar.

Mrs_Stick

you cheeky monkey:rotfl:

I actually also 'do' DB but we have DC on our team. I think the 6 month thing is to ensure that we can contact people in time (allowing for any issues) and to be double certain we meet disclosure.

(I think we have hi jacked this thread waffling on about disclosure legislation, sorry OP)

DAP67

Thanks Mrs Stick annd RichandJ, you clever pension techies can fight it out over over the number of months before NRD but actually I was 62 in November last year and have not heard a dickey from the fund, so will now be in touch with the administrators and see whats what.

Thanks very much for your help

RichandJ

DAP67 wrote: »

Thanks Mrs Stick annd RichandJ, you clever pension techies can fight it out over over the number of months before NRD but actually I was 62 in November last year and have not heard a dickey from the fund, so will now be in touch with the administrators and see whats what.

Thanks very much for your help

Now that is rather late, regardless of whether it's DB or DC. Have you moved since you last were in contact and not told them ? If not, I'd be on to the pensions manager asking why you've heard nothing.

BTW, Mrs S's original (full) reply rather succinctly sums up the situation.