pension quote

billyboggins_2

i retire on the 12th june,how long before this date should my pension provider give me a final figure ?

Debt_Free_Chick

It depends - we need more information. Is this a workplace pension and are you still employed by the company? Is this a defined benefit (final salary or similar) pension? Or a defined contribution (money purchase) pension?

Are you retiring at the current normal retirement age for the scheme/pension plan?

billyboggins_2

its a type s32 transfer from my original company pension scheme,with GMP i am retiring at normal pension age,i haven't worked for this company for about 30 years , my understanding is that they should make me a final offer 6 weeks before my retirement date of 65

dunstonh

Most providers will initially write out 6 months prior to the selected retirement age. Typically following it up about 4-6 weeks before.

That said, most advisers will still write to ask for details themselves and not rely on the provider. Partly down to ensuring all options are taken into account and not the defaults the provider supplies but also as it puts them in control of the process rather that waiting for the provider to react when they may not actually react (as selected retirement age may be different, things go missing in the post, some legacy plans have dire systems that rely on you prompting them rather than they prompt you).

What is your adviser doing in this?

xylophone

depends - we need more information.

https://forums.moneysavingexpert.com/discussion/comment/65376913#Comment_65376913

What is your adviser doing in this?

One wonders - see thread above.

dunstonh

xylophone wrote: »

https://forums.moneysavingexpert.com/discussion/comment/65376913#Comment_65376913

One wonders - see thread above.

I didnt realise it was "that" one. That certainly does make you wonder even more.