Options for (lost) matured pension plan once found.

soperman

Good news. Strange that the tracing agency did not pick this up.

If it is a S32 Buy Out plan it is possible that the Plan contains a Guaranteed Minium Pension so tread carefully before transferring the Plan to a SIPP which of course will contain no guarantees.

xylophone

Was it a S32? Was there a GMP? Is your wife drawing a state pension?

atush

Yes, we need more details lol.

GordonSadler

We need to provide quite a bit of information before they'll release the policy details to us.. so letter being drafted this weekend etc.... Until we get to know what the policy actually is, then we can't do much.....
Once we have that information then its find a decent financial advisor who can help OH decide the best options for her....
She has also deferred her state pension... so my thinking is for her to start up a SIPP and pay the deferred element of her state pension directly into the SIPP to be tax efficient......
Timing for all this will be quite important as she is 65 in early may, but needs to give 6 months notice - and it might be better retiring at the end of march from a financial point of view...
Still pension tracing complete... its a relief finding it!

atush

If you 'defer' your SP, you aren't getting it- it is being increased by 10.2% PA. Therefore there is nothing to put into the Sipp?

Unless you were talking abt claiming alump sum from the deferred SP? Unless you have poor LE, i'd take the increase in pension as it will be indexed.

GordonSadler

dunstonh - I sent you a Pm did you get it?

atush

That is all well and good, but we all want to know the details?

A, we are invested, and B don't ask D for more than he can legally provide. If you aren't paying him, he isn't your IFA and any information he gave you would not be advice that was covered under the rules- not fair to put him on the spot.