At what age can Former Protected Rights be taken?

JAG61

Please could someone tell me at what age Former Protected rights can be taken?

Thank you

jamesd

A former protected rights pension pot is just another personal pension pot and the normal minimum age is 55.

JAG61

Many thanks for that JamesD.

Am I right in thinking that it use to be linked to State Pension age?

When I took my policy out the protected Rights SRD was 60 but later changed to 65. Could this be due to the state pension age changing?

dunstonh

Am I right in thinking that it use to be linked to State Pension age?

It was aged 60 until 2006. Then it became 50. Then it later increased to 55. GMP was linked to the original state pension ages (65 men, 60 women).

When I took my policy out the protected Rights SRD was 60 but later changed to 65. Could this be due to the state pension age changing?

No. It was probably just a clerical change. Maybe you did a top up and the top age was changed to 65. Maybe the non protected rights was 65 and protected 60 and they synchronised the dates.

JAG61

Thank you for response Dunstonh.

I transferred a deferred COSR to a PPP table 86 With Profits Pension in May 1990. GMP transferred into the Protected Rights.

Non Protected date 1st April 2022
Protected date 2nd Dec 2021 (60th Birthday)

I have not made any contributions I just left it.

Around about 1999 the date changed on the Protected Rights to 2nd Dec 2026 (65 Birthday).

The pension has always been dormant regarding my input.

dunstonh

Around about 1999 the date changed on the Protected Rights to 2nd Dec 2026 (65 Birthday).

Its doesnt mean anything. its just a projection date on the statement for information purposes.

xylophone

I transferred a deferred COSR to a PPP table 86 With Profits Pension in May 1990. GMP transferred into the Protected Rights.

http://www.pruadviser.co.uk/content/efactsheets/79311/86190/152904/

Some information in the above?

JAG61

Thanks Xylophone - yes that's the Policy I believe. It's Appropriate Scheme number is A7001022K.

I say the date I first notice the change is 1999 but it may have happened before this date as for several years they did not send me Statements.

When I wrote to my Provider in September I asked about my Selected Retirement date and they replied I had two 1/4/2022 and a later one 2/12/2026.

I have sent several queries regarding this date change and a letter to my provider all which have been ignored. A standard you will hear from us in four days was the reply. I have escalated to a complaint but no joy so far just the standard procedure documentation.


It appears from the Document you have provided the link for that a Market Value reduction would occur if the fund is taken at any other time than Selected retirement time or death.

The back page of the 1999 Statement has a lot of blurb where it discusses "Protected Rights explained" and the impact of The Pensions Act 1995. The last Paragraph refers to "How could Market Value Reduction affect your Protected Rights benefits" - it states "If benefits (excluding the death benefit) are taken at any time other than your State Pension Age, an MVR may be applied to the benefits otherwise payable. However, the MVR will not be applied to benefits taken by females at age 60 from contracts taken out before 06/04/1997"

This was the information which led me to think they had changed my Selected retirement date in line with my new State Pension age.

It is good news that these Protected Rights can be activated at 55 but I am concerned about the MVR.

JAG61

Thanks Dunstonh

I really do hope it is just for illustration purposes.

Do you happen to know if you can actually request what dates you would like illustrations to show you - as I would Ideally like an illustration for my 60th Birthday on both funds?

Thanks

JAG61

I have confirmation from the Prudential.

Former Protected Rights mirror the State Pension age and for women born after 6 April 1950 this moved to 65.

You can take your benefits between 55 and 75 ,however a Market Value Reduction may apply if taken before the specified retirement age.

jamesd

MVRs only apply to with profits investments. Now is also a time when MVRs are unlikely to apply, due to the current values of markets.