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Transfer 32 Pension
mion52
Posts: 13 Forumite
My husband has a plan with Aviva from a previous employer pension. He has just retired and we have enquired about releasing the funds in the plan but received a lot of jargon about Guaranteed Minimum Pension. With the new budget rules can he now withdraw the funds in a lump sum?
Sorry if it's an obvious question Pensions confuse us!
Sorry if it's an obvious question Pensions confuse us!
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Comments
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if it's a Section 32 plan then that may be a big mistake. Some S32 plans dating from the 1980s have guaranteed annuity rates far in excess of what's available on the open market now. I have one which will pay 8%. You need to check. (or get an IFA to check and advise you.)The questions that get the best answers are the questions that give most detail....0
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How old is your husband? His S32 policy must pay him at least the Guaranteed Minimum Pension once he reaches the age of 65.
https://forums.moneysavingexpert.com/discussion/comment/65017405#Comment_65017405 might be of interest.0 -
With the new budget rules can he now withdraw the funds in a lump sum?
No, as that does not happen until next year.
He should seek advice on this as GMP can be highly valuable and that benefit would be lost if transferred.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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