claiming back minimal contribuitions to a company pension

johnnycondom

hi again guys
well all i had off r/r was another current upto date transfer value ,it now stands at £118000 and the wording in the first paragraph as follows
if you wish to consider a transfer to another occupationalpension scheme,personalpension policy,or a pension(buy out)policyfrom an authorised insurance company we would advise you to consider seeking independant bla blah etc,does that last line mean an annuity company
also on the next page it says final remuneration value is £11.115,is that how much the cash in is?what happens to the other £107000 if thats what they mean
more confused than ever

xylophone

They are telling you that you need independent financial advice if you are considering transferring your deferred FS pension to another scheme!

I, too, do not understand the "Final Remuneration Value" unless perhaps it means your final pensionable salary before leaving? Could this have been £11,115.00 per annum?

It looks as though you will need professional advice from an IFA expert in pensions.
http://www.unbiased.co.uk/

Linton

xylophone wrote: »

They are telling you that you need independent financial advice if you are considering transferring your deferred FS pension to another scheme!

I, too, do not understand the "Final Remuneration Value" unless perhaps it means your final pensionable salary before leaving? Could this have been £11,115.00 per annum?

It looks as though you will need professional advice from an IFA expert in pensions.
http://www.unbiased.co.uk/

I looked up RMV - it is the maximum final salary which HMRC will allow to be used for the calculation of the FS pension, the actual salary used by RR could be less. So its a technical matter of no relevance to the OPs problem.

johnnycondom

just been reading about a section 32 buyout i think thats what i need to do but wether i can do one and claim an early retirement tf cash lump and an anuity i know not.
also found a statement from august last year with early ret ops from r/r
either
£201 pcm plus a one off £32879 or
£144 pcm with a one off £11400
a buy out surely gonna beat that?need it to be closer to £300 pcm at least

xylophone

But you will still need an IFA to sign off a transfer of your deferred FS pension?

xylophone

Another thought - do you have to take the lump sum? If you bring the RR pension into payment what would you receive if you did not take the lump sum?

How is the pension index linked in payment?