Can I draw pension early ?

phot50

I wonder if anyone can help ?
At 53 I'm under threat of redundancy, part of the redundancy package my employer offers to the over 50's is to put 10 years pension contributions into my pension pot.
Will this mean my pension pot would = age 63? can I draw my pension early, or do I have to reach state retirement age before drawing my pension.

molerat

Your full pension is drawable at the stated normal retirement age for the scheme but can normally be taken any time after age 55 at a reduced rate.

xylophone

At 53 I'm under threat of redundancy, part of the redundancy package my employer offers to the over 50's is to put 10 years pension contributions into my pension pot.
Will this mean my pension pot would = age 63?

You need to ask this question of your employer/the administrator of the pension scheme.

I would doubt that you would be able to draw your pension at age 53 in these circumstances (unless there is some special provision protecting an earlier than 55 retirement in your scheme) - it might be possible to draw the pension at age 55 but presumably it would be actuarially reduced for early payment?

Again, the administrator of the pension scheme is in the best position to advise you of your options?

CLAPTON

phot50 wrote: »

I wonder if anyone can help ?
At 53 I'm under threat of redundancy, part of the redundancy package my employer offers to the over 50's is to put 10 years pension contributions into my pension pot.
Will this mean my pension pot would = age 63? can I draw my pension early, or do I have to reach state retirement age before drawing my pension.

what sort of pension do you have?

quotememiserable

Obviously OP needs to tell us more, but some company schemes do allow for pension to be taken at age 50 for people who are made redundant.

dunstonh

If the scheme has a protected scheme age under 55 then it would be allowed. The vast majority of schemes do not have a protected scheme age and it would not be allowed on redundancy as it is not allowed.

phot50

Many thanks everyone for replying so quickly, its a little complicated, I was originally employed local council on an LGPS pension.
outsourced to one company in 2007 doing the same job, tupe over onto the same LGPS, Then in2010 outsourced again still doing the same job, still under the same tupe rights.

Goldiegirl

A few years ago, before I was made redundant, everyone in our pension scheme received a letter, to confirm that our scheme had a protected pension age of 50.

Therefore anyone in that scheme can take their pension from age 50 onwards, and not have to wait to age 55

In the event, I was made redundant on my 50th birthday, and took.early retirement, as we were offered an enhanced pension as part of our redundancy package. This was in March 2010' just before all the new rules came in.

If the OP is wishing to take his pension now, if he hasn't had a letter like we did, he'll have to ask the scheme administrators whether he's still got the option to retire before age 55

dunstonh

LGPS does not have a protected scheme age.

jem16

dunstonh wrote: »

LGPS does not have a protected scheme age.

If the OP is in Scotland it is possible to take the pension at age 50 as it does have a protected scheme age for redundancy.

http://www.lgps.org.uk/lge/core/page.do?pageId=1039325

woolly_wombat

jem16 wrote: »

If the OP is in Scotland it is possible to take the pension at age 50 as it does have a protected scheme age for redundancy.

If the OP is in England or Wales then I'm afraid it's age 55 and he/she is too young:

http://www.lgps.org.uk/lge/core/page.do?pageId=102180

"Early retirement through redundancy or business efficiency - Employees in England and Wales

If your employer makes you redundant or retires you in the interests of business efficiency and you are aged 55 or over, your benefits are payable immediately without reduction.

WW