Pension Questions

oshb5

jamesd wrote: »

Best not to do business with the companys that are sending you letters about getting the 25%. They will probably want excessive charges to do something that's normally free or cheap. or some might require moving the whole pension pot to somewhere that puts the money at risk, like foreign forestry investments or foreign property with claims of guaranteed returns.

No I would not use them iv read loads of horror stories about people using them and such as getting 25% then the arranger taking 25% then the other 50% just being swallowed up in fees and losses from bad advice Its just that they alerted me to the possabillity which looks a pipe dream the more I look.but thanks for your comments.

Os:beer:

xylophone

S32 buyout bond.

http://www.financialadvice.net/s32_buy_out_plan/zone/1288

Does your policy have a GMP? Which insurance company wrote the policy?

Do you have the original policy?

Retirement Solutions appear to be a Financial Advice concern? And Braemar a Wealth Management company?

How did they get involved with your pension?

oshb5

xylophone wrote: »

S32 buyout bond.

http://www.financialadvice.net/s32_buy_out_plan/zone/1288

Does your policy have a GMP? Which insurance company wrote the policy?

Do you have the original policy?

Retirement Solutions appear to be a Financial Advice concern? And Braemar a Wealth Management company?

How did they get involved with your pension?

I have an original schedule from Scottish Equitable that is the Schedule to policy *******/** dated in the 1990s a and shows what the pension was worth with all the sums of the pots at that time and the policy number it refers to As for how Breamare got involved All I can remember was they was involved in the 90s as I can remember some correspondence back and fourth then just this year these new people got in touch to tell me about Braemar stopping trading?

Now you know as much as I do Other than relevant numbers and secure and sensitive items left out?

I think before anything else I need to sort out this pension and find out where it is Who is it with and who runs it,
Can anyone suggest a place to start other than the last people I got the letter from that say they are now administering it? Or should I go to them first. And if so what questions do or should I be asking please..
Never mind the 25% tax free and ESA I first asked about I think this is alone is going to be a big enough rats nest on its own?

But thanks again for all your help.especially xylophone

Best Regards Os:beer:

P.S. Just realised what you ment by GMP and if I remember correctly I was told there was two pots one which was the Garmented Minimum Payable or Something like that and then there was another pot which was nearly the same in size that I think I was told that was the pot I could get something out of if not it stays the same and you get it all as a lump sum at retirement. Now not wishing to be glum but I dont have any illusions about things in the future but if my health goes down as quick has it has in the last two years I cannot see me being around to retire""" Also the lump sum and GMP goes down buy about half for my spouse if im not around to collect it according to the pension company. Can I just ask who gets the other half then??

oshb5

Hi So now Iv answered the previous message is there no new comments or replies please? Or a way to go or who to approach please?

Os

jamesd

You might not be allowed to touch the part with the GMP. It's a pretty common restriction to block that if the remainder would not be enough to meet the required guaranteed minimum pension level.

mgdavid

So we've established that what you have is a Scottish Equitable Section 32 pension policy?
Are you getting annual statements from Scot Equ? (I had one with Phoenix and they regularly sent me stuff).
When these were written back in the day it was the 'norm' to expect to turn them into an annuity on one's retirement, and some of them have a Guaranteed Annuity Rate written in, this can be far in excess of the present day annuity rates so can be very valuable. Yes you can take a lump sum and then buy an annuity with the remainder, and if you only want a small lump sum (looks like less than 10% in your case) then the GMP won't be a problem. Have you a copy of the Policy document itself? If not then ask Scot Equ for a copy.

lazer

MY mum has come across the same issue - she is below state pension age and my dad is getting his state pension.


The state pension is their only income so they are claiming pension credit.


Mum has a small workplace pension (<£10k) and Pension Credit have requested details of this and if she can access it now (Under retirement age) - we have requested details from the pension scheme about accessing it as an annuity and lifting it as a lump sum.

Your_Hero

The GMP must be secured first in the S32. You cannot take a lump sum from the GMP 'pot'.

If there's a shortfall in meeting the GMP, then your non-GMP pot will be used to fund it. So there may not be any lump sum for you to take.

Equally is true, you cannot transfer out or take your benefits early (at 55 or 56 say) if the GMP can't be met at the NRA, 65(male) or 60(female). This is the same even if you are in long-term ill health.

You may be able to commute a lump sum on serious ill health grounds (usually life expectancy less than 1 year), but if you are married then the scheme is required to retain sufficient funds to provide 50% of the GMP to your spouse upon your death.

You need to give us precise figures to work with. Contact the provider for an up to date statement.

xylophone

Scottish Equitable is now Aegon?

http://www.ftadviser.com/2011/10/25/pensions/aegon-covers-m-s-buyout-shortfall-id6rZJ1NgIMbdOI5wprGJO/article.html

https://extranet.secure.aegon.co.uk/static/sxhub/html/ifa/contact.htm

oshb5

Hi All

Right I have a little more info about the pension I have been on about.
Firstly it is as you suspected a 32 Buyout type with a GMP.
Anyway when I rang Aegon they was very helpful and explaind to me the reason I had not received any yearly updates. And that being that it is a manually process of raising the yearly statements and he said it must have missed one and then it just carried on so he apologized for that. But its still been growing steadily. Now apart from the GMP part the NR part which just over £28k is the pot that can be played with.
I also asked him how Prime Retirement Solutions got involved. He said that they contacted Aegon and told them that they was now the FA of my pension. and at the same time telling me. They had taken over from Breamar. and just need some information to make sure it was me they was dealing with? Anyway Iv been pointed towards https://www.unbiased.co.uk/ to locate a IFA which is local to me that I can go and meet. And see what they suggest as to what may be best to do with the NR pot. I know its not a lot of money compared with most but It might be better to see if there is anything else that can be done with it Or to leave it where it is at the moment?

As anyone else any suggestions please? Thank you

All the best Regards Os