Releasing a Pension Lump Sum

s5cyh

Can anyone tell me if we can draw a lump sum from from my partners pension

Basic details are
He is aged 60 with a nominated retirement age of 65
The pension is made up of protected and non protected rights

I appreciate this would give a reduced future pension but the lump sum is of more use now

Thanks

SeniorSam

The simple answer is YES if it is a personal pension, which can be taken from age 55. However, before doing anything yourself, take advice from an independent financial adviser because there may be a way of obtaining greater benefit if certain action is taken. Do not simply go the pension provider. If however your pension is an occupational scheme, it will depend on the rules of that scheme, Again the adviser will be able to guide you.

Good luck

Sam

s5cyh

Sorry to seem dense but what is an occupational scheme - this is a pension he had through his employer and part of it was opted out through serps?? at the time

jem16

s5cyh wrote: »

Sorry to seem dense but what is an occupational scheme - this is a pension he had through his employer and part of it was opted out through serps?? at the time

This is an occupational scheme.

Is this a final salary scheme or money purchase scheme? Sounds like money purchase but just to be sure.

danielinto

jem16 wrote: »

This is an occupational scheme.

Not necesarily, could be a simple personal pension/stakeholder scheme that they employer offered to staff.

mania112

there are different types of occupational schemes of course.

A company stakeholder is treated similarly to a personal pension - so that would be fine.

However, if the company pension has defined benefits you would usually be foolish to release the pension lump sum early by transferring to another provider.

In the first instance it's best to talk to the people that manage the pension (usually the employer or an administrator on their behalf) because there might be special conditions that allow the early release of funds while maintaining some/all of the benefits.