Option 32 pensions

miabre

I retired on 3/2/2015.i have an option 32 pension with coop/royal london transfer value £107000.they say no lump sum.but paying £5416 per annum. Does this change in april 2015

xylophone

Do you mean that you have a S32 policy where the funds must all be used to secure the Guaranteed Minimum Pension so that there is nothing left over to enable you to take a lump sum?

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

If there is GMP, how much relates to pre 1988 and how much post 88?https://forums.moneysavingexpert.com/discussion/1089865 post 20 may be of interest.

dunstonh

Does this change in april 2015

No. However, you can forfeit the GMP and the other guarantees. There are other consequences (such as losing indexation on state pension or the Royal London pension (depending on the make up of the fund). These guarantees could be good value. The option market option may be a suitable option to you as well (especially if you have health issues - which can be as little as one prescribed medication or lifestyle consequences)