Confused.....

taking_stock

kennyseddon wrote: »

Hi, it wasn't that they wouldn't be ready, both the company and Pensions Advisory Service seemed to making the point that they didn't have to let you have access to all your pension pot if it was not company policy.
Thanks

Kenny - sounds like you should simply transfer your pension (as long as it's a defined contribution type) to another pension provider (free of charge) who will let you do drawdown after april.

Freecall

I can't see what the problem is, if you want your pension you can have it just like taking stock says.

Whether it is in your best financial interests is a completely separate issue. The government is making it possible, it's now over to you.

That after all is the whole point of the new freedoms, individual empowerment and freedom to make your own mistakes.

kennyseddon

The trouble I am having is that although I keep hearing that from April we will all have the opportunity to take our full pension pot to invest at our own discretion rather than having to put an annuity in place. You say the government is making it possible, but my main concern was the information I got from both my insurance company and the Pensions Advisory Service was the taking of my full pension plot was not a given and it was up to individual companies whether they allowed it or not.

greenglide

You havent been forced to buy an annuity since 2006 or so!

In your case it is quite simple.

There is no requirement for a pension to provide drawdown facilities for every pension plan. If yours doesn't then transfer the money to another scheme. What is so hard about this?

Pension schemes have provided "the opportunity to take our full pension pot to invest at our own discretion" for years now. Unless you have a fixation on BTL why move out of a pension? If you can't understand them you probable don't understand other investments either.

Lild

hyubh wrote: »

The LGPS is a DB scheme, so the 2015 changes are largely irrelevant (only impact would be if you were to transfer out).

What is a DB scheme ?
sorry if its a stupid question

taking_stock

kennyseddon wrote: »

The trouble I am having is that although I keep hearing that from April we will all have the opportunity to take our full pension pot to invest at our own discretion rather than having to put an annuity in place. You say the government is making it possible, but my main concern was the information I got from both my insurance company and the Pensions Advisory Service was the taking of my full pension plot was not a given and it was up to individual companies whether they allowed it or not.

exactly - so if your current pension company isn't helpful, move it to one which will allow you to withdraw it!

Lild

kidmugsy wrote: »

Rubbish. The notice period for the sixth year was less than ideal, but the notice for the first five was about 15 years.

Thanks for that, Im a newbie here ... you dont need to be so harsh, I only asked for help

LXdaddy

Lild wrote: »

What is a DB scheme ?
sorry if its a stupid question

DB schemes are Defined Benefit
DC schemes are Defined Contribution

Defined benefit schemes are also sometimes called Final Salary Schemes - the pension payable is expressed as a proportion of the individuals salary at retirment age.

Defined contribution schemes build a pension pot

Lild

Thanks I have only :)heard of final salary schemes, but not the defined benefit scheme.

hyubh

LXdaddy wrote: »

Defined benefit schemes are also sometimes called Final Salary Schemes - the pension payable is expressed as a proportion of the individuals salary at retirment age.

Final salary schemes are one kind of DB scheme (albeit the most common kind historically), rather than just a synonym for DB schemes. Of the DB schemes left CARE (career average revalued earnings) are increasingly predominating for future accrual, with Lild's being a case in point (i.e., if Lild rejoined the LGPS it would be in a CARE not final salary variant, meaning it would be their pay each year not just at the end that counts).