Can't Defer My Pension.

cidercid

Last year when I was 60 yrs old, I received a statement/letter from a pension administrator working for one of my previous employers. The letter outlined my options in regards to what I could take as a pension which was deferred for several years and I had forgotten about. As I have also another pension form a different employer deferred also which they say will be payable when I am 65, I contacted the first administrator to ask if I could wait and take this pension when I am 65 and at the same time as the other one to try to get a better deal on the OMO. When I phoned and asked the question, they said, "No, you have to take it from age 60 and they would back date payments". This leads to another question. If I do have to take it now, I would like to see if I can get a better deal on the OMO as I am currently recovering from a heart attack and already take medication for hyper tension but do not know if I would receive any back-dated payments?:cool:

mania112

Only way to be sure would be to ask them.

What you will need is a retirement statement (to learn what your pension will be if you stay) and a Transfer Value (to know what you've got to play with to find Annuities in the open market).

You will simply to need to ask if the transfer value will include backdated payments.

xylophone

Is the pension payable at 60 a deferred final salary pension?

cidercid

xylophone wrote: »

Is the pension payable at 60 a deferred final salary pension?

There is nothing in their letter to suggest it is a Final Salary Pension.