Deferred Pension

Tom_McGarth

I am 51, unemployed with little hope of finding employment in the near future as I now live in Ireland. I have a deferred HSBC DBS pension worth approx £8,000 per annum based on my 1998 date of leaving. I would like to take out this pension at 55, or sooner, but the administrators cannot give a current valuation.

Is there any way to calculate the current value or take this pension earlier than 55. I can't get any information from the administrators other than to contact them when I reach 55.

Many thanks,
Tom.

mania112

No chance of taking it out before 55, unless you suffer with a life-shortening illness.

You can crudely work out how much you will get at 55 by:

Adding a 3% increase to £8k pa, up from 1998 to age 65.

Then taking off (perhaps) 5% pa back to age 55.

Jack_Griffin

What age is that £8,000 based on?

Shouldn't the schemes rules tell you the efect of taking it early?

xylophone

http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/revaluation

You would have to ask the scheme administrators whether you can take your pension at 55 and whether there will be an actuarial reduction for so doing.

http://forums.moneysavingexpert.com/showthread.php?t=3886143 might be of interest.

dunstonh

I would like to take out this pension at 55, or sooner, but the administrators cannot give a current valuation.

That is because it provides defined benefits. It isnt based on market values.

You cannot access the pension before 55 and if you want to transfer it then you will need an IFA to sign off on the transfer and that is unlikely to happen as there almost certainly no benefit to you and most likely a massive loss.

Tom_McGarth

Thanks all for your advice. I don't want to transfer. I was just looking for advice and calculations as the administrators won't entertain me for another four years. Many thanks.
Tom.

atush

I am 51, unemployed with little hope of finding employment in the near future as I now live in Ireland.

I have to assume this is irrelevant, as it seems to be a voluntary relocation. You might have been better off to remain in your country of origin and to have been elegible for benefits? UK?

Tom_McGarth

atush wrote: »

I have to assume this is irrelevant, as it seems to be a voluntary relocation. You might have been better off to remain in your country of origin and to have been elegible for benefits? UK?

I won't even dignify this outrageous remark with an explanation, except to say its none of your god damn business where I live, work and claim benefits.

atush

Dont be a numpty.

the reason I asked this is

I am 51, unemployed with little hope of finding employment in the near future

So i was trying to find you solutions to tide you over until you could retire w/in the scheme rules. As anything you do to take the pension earlier is likely to be a BAD idea for you in the long term.

So, go take you high horse elsewhere. And your nasty insults.

mgdavid

Tom_McGarth wrote: »

I won't even dignify this outrageous remark with an explanation, except to say its none of your god damn business where I live, work and claim benefits.

on Thursday you're unemployed, now you say you work?
so which is it?

zagfles

Is this a company defined benefits scheme? If so it might be possible to take it before 55, I've got a deferred DB scheme which I can take at 50. See http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/minimum-retirement-age