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One Policy, part reserved (GMP) and part non-reserved (Open Market)
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Doc987
Posts: 1 Newbie
Hi, I am about to retire and am having trouble getting information out of one of my pension fund holders. This is the company that in 1994 I was advised to move my company pension to, under a type 32 buyout.
Apart from the fact that their systems do not appear to work, as I’ve been told twice that letters are on the way to me with nothing arriving, they appear to be trying to get me to make a wrong decision.
I have been told that the current total fund value is £139,258.87. This is split between a non-reserved fund of £67,928.56 and a reserved fund of 71,330.31.
The reserved fund is to cover the cost of a GMP of £7,323.68 which I’m told would actually cost £204,330.51 to purchase today.
I have three other funds with different companies, as a result of moving jobs/providers and I am currently looking at an Open Market Option to include these three funds and the non-reserved part of my original type 32 buyout plan (after taking a 25% lump sum from each).
The thing is that this company only seems to want to quote for either leaving the complete (reserved and non-reserved) fund with them or for moving it completely to an Open Market Option).
Does anybody have experience of splitting the funds from a policy in the way that I want to?
Apart from the fact that their systems do not appear to work, as I’ve been told twice that letters are on the way to me with nothing arriving, they appear to be trying to get me to make a wrong decision.
I have been told that the current total fund value is £139,258.87. This is split between a non-reserved fund of £67,928.56 and a reserved fund of 71,330.31.
The reserved fund is to cover the cost of a GMP of £7,323.68 which I’m told would actually cost £204,330.51 to purchase today.
I have three other funds with different companies, as a result of moving jobs/providers and I am currently looking at an Open Market Option to include these three funds and the non-reserved part of my original type 32 buyout plan (after taking a 25% lump sum from each).
The thing is that this company only seems to want to quote for either leaving the complete (reserved and non-reserved) fund with them or for moving it completely to an Open Market Option).
Does anybody have experience of splitting the funds from a policy in the way that I want to?
0
Comments
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Before doing anything at all, you might be well advised to consult an IFA with expertise in pensions?
http://www.unbiased.co.uk/0 -
What does your IFA say? They have the benefit of knowing the documents and the terms of the pension in question.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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