Compulsory S32 Pension for non-existant wife !

PaulCooper

You won't find the Guaranteed Annuity Rate in any of the documentation, for obvious reasons they don't publicise it. Write to them and ask them if your policy contains a GAR and if so what is it. Also ask if this GAR is dependant on you taking the pension at the retirement date.
If you're policy is the same as mine there are bonuses added to the policy every year; since they have been taken over they have been £0 (no surprise in that I suppose), but there will be a 'terminal bonus' added at retirement date; my guess is that if you don't take the pension at the said date, you'll lose that also (if of course there is any to come)
And yes Annuity rates are <5% and going down, therfore 9.8% might be worth more than taking your money somewhere else to lose the mysterious spouse.
You could of course ask them what the pension would be without the liability of a wife?
Paul

trina2010

PaulCooper wrote: »

You won't find the Guaranteed Annuity Rate in any of the documentation, for obvious reasons they don't publicise it. Write to them and ask them if your policy contains a GAR and if so what is it. Also ask if this GAR is dependant on you taking the pension at the retirement date.
If you're policy is the same as mine there are bonuses added to the policy every year; since they have been taken over they have been £0 (no surprise in that I suppose), but there will be a 'terminal bonus' added at retirement date; my guess is that if you don't take the pension at the said date, you'll lose that also (if of course there is any to come)
And yes Annuity rates are <5% and going down, therfore 9.8% might be worth more than taking your money somewhere else to lose the mysterious spouse.
You could of course ask them what the pension would be without the liability of a wife?
Paul

we are talking GMP not GAR, 2 completely different things.
you cannot remove the spouses pension from GMP at this stage, so it is not possible to remove the 'liability' of a wife as it as all costed in at the beginning of the policy and makes no difference if it will be paid or not to what OP would receive.

OP the GMP amount you gave, i assume that is the value and not the per annum figure? do you have the per annum figure? if not you should be able to get it over the phone from your provider

trina2010

im fairly sure flexible t plans dont have GAR but ill check tomorrow and come back with an answer

castle96

your GMP revalued to SPA (though pol is written to age 60) is

accrued prior to 4/88 Members pension pa £773 Spouces £386
" after " Nil Nil
toal £733 £386

trina2010

ok so GMP per annum amount of £773 from a pot of £6191 approx.
hopefully 1 of our helpful IFAs may be along to confirm in a short while but that certainly looks like a good return to me for what you have value wise.

opti_mist

Very interesting situation and I don't understand any of the technicalities or jargon as very new to the concept of pensions, so this is just a suggestion: Would it be possible of offering someone (me perhaps!!? ) the opportunity of being a nominal 'wife' I have no idea whether this would be permitted or workable.

castle96

thanksthe offer optimis, but I would have to be legally married to you (and dead),, for you to benefit. Can't yet see the plus side for me !

Zelazny

opti_mist wrote: »

Very interesting situation and I don't understand any of the technicalities or jargon as very new to the concept of pensions, so this is just a suggestion: Would it be possible of offering someone (me perhaps!!? ) the opportunity of being a nominal 'wife' I have no idea whether this would be permitted or workable.

This isn't something you can fake. You would need to actually get married. They will require the marriage certificate before any benefits are paid to the wife. If you want to claim that you are "partners" then you usually have to provide proof that the partner is dependant on the deceased (joint utility bills, or proof that you live together and that the deceased pays the bills for example) before any spouse's benefit is paid, if the rules even allow for unmarried partners.