Protected Pension, New Rules & Transfer

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
5 replies 708 views
RetyreRetyre Forumite
61 Posts
Eighth Anniversary 10 Posts Combo Breaker
I have one pension pot which is partly "protected" funds. I understand that this means unable to access this part of the pension until 65 (67 now?) ?

Do the new rules have any impact on this?

If I transfer to another platform/provider will they remain "ringfenced"?

Many Thanks

Replies

  • There are many, many types of "protected" pensions. Which one did you mean?
    Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.

    Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.
  • RetyreRetyre Forumite
    61 Posts
    Eighth Anniversary 10 Posts Combo Breaker
    Hi Hero, thanks for your time. The protected element of the pension is that which was paid in by HMG due to my opting out of SERPS.
  • Protected rights no longer exist. They have become ordinary pension rights since April 2012.
    Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.

    Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.
  • RetyreRetyre Forumite
    61 Posts
    Eighth Anniversary 10 Posts Combo Breaker
    Ah many thanks Hero, so they are wasting their time breaking it all down on the statements I get......
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Retyre wrote: »
    Ah many thanks Hero, so they are wasting their time breaking it all down on the statements I get......

    Most providers now refer to them as former protected rights or something similar. With old fashioned plans, they cant easily merge the funds into a single pot. So, they continue to split them until they can (or they get transferred into a new plan).
    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.
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