new pension law

andrewwales666

Hi, i will be 55 in october and would like to know if under the new law i would be entitled to it even at a reduced amount,i left my job last year so it is deferred benefits.
many thanks
andrew

jem16

andrewwales666 wrote: »

Hi, i will be 55 in october and would like to know if under the new law i would be entitled to it even at a reduced amount,i left my job last year so it is deferred benefits.
many thanks
andrew

As you are talking about Deferred Benefits this will be a Final Salary/Defined Benefit pension and the new rules don't apply to them.

As to whether or not you can access your pension at age 55, you need to contact the scheme. What scheme is it?

andrewwales666

hi,i forgot to say that its a lgps,local gov,

jem16

andrewwales666 wrote: »

hi,i forgot to say that its a lgps,local gov,

You can get info on Deferred Benefits in the LGPS from here.

http://www.lgps.org.uk/lge/core/page.do?pageId=101769

andrewwales666

hi,ive now read that article and will contact my former employer .
many thanks

hyubh

andrewwales666 wrote: »

Hi, i will be 55 in october and would like to know if under the new law i would be entitled to it even at a reduced amount,i left my job last year so it is deferred benefits

The upcoming liberalisation of DC pensions is irrelevant, however the LGPS' own rules changed last April (assuming your pension is with an English or Welsh fund) - in a nutshell, if you left after March then you can draw your benefits from age 55 with reductions if you so desire, otherwise your deferred pension will be under older rules where it's from age 60, outside of special circumstances.

andrewwales666

Hi hyubh, do you have a link to any written statements stating the above so that i can then quote it to my previous employer who may not wish to let me take the pension untill later.
thanks

jem16

andrewwales666 wrote: »

Hi hyubh, do you have a link to any written statements stating the above so that i can then quote it to my previous employer who may not wish to let me take the pension untill later.
thanks

This may help;

http://www.lgps2014.org/content/when-can-i-take-it

When exactly did you leave?

hyubh

andrewwales666 wrote: »

Hi hyubh, do you have a link to any written statements stating the above so that i can then quote it to my previous employer who may not wish to let me take the pension untill later.

It's not the employer's decision, assuming you did indeed leave after March (it only would be if there was a potential strain cost to them). Since you're deferred, go straight to the pension administrator - going to your ex-employer's HR is just a waste of time. (If the LGPS administrator and ex-employer are the same organisation - e.g., you were employed by a county council and the council hasn't outsourced pensions admin - then it's the contact details for the Pensions section specifically you want.)

andrewwales666

thanks for the above information, one question and please understand im not the brightest spark lol, can i request my lump sum now but leave my anual income till later ?

hyubh

andrewwales666 wrote: »

can i request my lump sum now but leave my anual income till later ?

No. You either draw your benefits in toto or not at all.