GMP - can I take it early?

terrypr4

I'm about to take early retirement in December this year aged 57 and will have pension benefits from a defined benefits scheme. I also have GMP benefits with a former employer's scheme which I understand will be payable from state retirement age. My question is a simple one though suspect the answer may not be - can I take the GMP benefits early following changes to pension legislation in April 2009. I've received conflicting information from 2 IFAs and wondered if anyone could comment. My next step is to write to the pension trustees to explore my options - if any! Thank you.

RichandJ

If it's GMP only then probably not. Curious as to what kind of scheme has GMP only, did you perhaps transfer non protected rights out & leave the GMP ?

BTW, GMP as part of an occupational scheme is still, at the moment, payable from 60F & 65M, not the rising state pension ages.

terrypr4

Thanks for the prompt response and yes, the GMP was left behind following a transfer out to another occupational scheme about 16 years ago when I changed employers. Thanks again.....

robmatic

You won't be able to take the GMP until State Pension Age if it's left in your occupational scheme. You could look into the option of transferring your benefits to a personal pension etc. and converting it to Protected Rights (which you can take from age 55 I believe).

RichandJ

robmatic wrote: »

You won't be able to take the GMP until State Pension Age if it's left in your occupational scheme. You could look into the option of transferring your benefits to a personal pension etc. and converting it to Protected Rights (which you can take from age 55 I believe).

From 6/4/12 when protected rights in money purchase schemes cease to exist.

robmatic

RichandJ wrote: »

From 6/4/12 when protected rights in money purchase schemes cease to exist.

No age restrictions for vesting PRs as I understand it.