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April 2015 Government Pension Changes
Trev207
Posts: 1 Newbie
I am looking for advice on my options next April. I'd be grateful for help with this.
I recently made enquiries regarding a pension scheme that I paid into many years ago - I left their employment in 1984, having worked there 11 years.
I didn't pay much into the scheme so I thought I might as well withdraw everything in one go, next April. However, the administrators of the scheme told me that I cannot do that as the scheme is a final salary Defined Benefit pension - I can either receive a monthly income, or a cash lump sum and a smaller monthly income. The monthly payments are reduced if I retire early. I am 57 years old.
Can anyone confirm that what they are telling me is correct?
I recently made enquiries regarding a pension scheme that I paid into many years ago - I left their employment in 1984, having worked there 11 years.
I didn't pay much into the scheme so I thought I might as well withdraw everything in one go, next April. However, the administrators of the scheme told me that I cannot do that as the scheme is a final salary Defined Benefit pension - I can either receive a monthly income, or a cash lump sum and a smaller monthly income. The monthly payments are reduced if I retire early. I am 57 years old.
Can anyone confirm that what they are telling me is correct?
0
Comments
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Yes they are correct the reforms only apply to money purchase pensions. You could transfer out, but this is a complex issue and you will require advice.0
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They are correct. You have a valuable defined benefit scheme.Can anyone confirm that what they are telling me is correct?
The changes are for the less valuable defined contribution schemes.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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