Pension due in june

joebob

dunstonh wrote: »

So, why do you want to suffer penalties to take the pension now rather than at 60 or 65?


Its not a value based scheme. it is a defined benefit scheme. The benefits increase annually.

Was thinking I could enjoy the money whilst relatively young and fit enough to do so. Also been thinking of dropping a day at work.
maybe seeing a financial advisor would be worthwhile.

xylophone

With regard to NRD, are you sure this is 65 in your case?

http://molsoncoors.xpmemberservices.com/General-Information/Plan-Documents.aspx


"Normal Retirement Date" means:
(A) in respect of a Section IV Member or an Early Leaver or Pensioner who, in either case, immediately prior to ceasing Pensionable Employment was a Section IV Member, his 65th birthday;

(B) in respect of a Section I-III Member or an Early Leaver or Pensioner who, in either case, immediately prior to ceasing Pensionable Employment was a Section I-III Member, his 60th birthday.

If you consult an IFA, he will need to have regard to the Trust Deed and Rules - see link.

https://www.unbiased.co.uk/

joebob

xylophone wrote: »

Surely it is revaluing in deferment?

https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

At a 4% reduction for each year before NRD you are losing 36% of the value of your pension?

Ask the Scheme Administrator about your pre 88 and post 88 GMP at the date of leaving the scheme and on what basis it revalues in deferment.

How much of the £2100 represents pre and post 88 GMP?

If you take the pension now, will you be pushed into paying higher rate tax?

I joined the pension in 1988 does that make a difference
no I will not be paying higher tax rate

joebob

xylophone wrote: »

With regard to NRD, are you sure this is 65 in your case?

http://molsoncoors.xpmemberservices.com/General-Information/Plan-Documents.aspx


"Normal Retirement Date" means:
(A) in respect of a Section IV Member or an Early Leaver or Pensioner who, in either case, immediately prior to ceasing Pensionable Employment was a Section IV Member, his 65th birthday;

(B) in respect of a Section I-III Member or an Early Leaver or Pensioner who, in either case, immediately prior to ceasing Pensionable Employment was a Section I-III Member, his 60th birthday.

If you consult an IFA, he will need to have regard to the Trust Deed and Rules - see link.

https://www.unbiased.co.uk/

yes I am in the IV section

xylophone

If you joined in 1988 then it is likely that all your GMP is post 88.

This means that at GMP age (65 for a man), it is up to the Scheme to index link the GMP up to 3% - see previous links on GMP.

I think that you need to be sure that you are happy to take a 36% actuarial reduction in your pension if you proceed now.

You say you want to retire at 6O but you will not have reached SPA - will you be drawing a DC pension from Coors then?

You might wish to obtain a new state pension statement after you have reached your 55th birthday.

https://www.gov.uk/state-pension-statement

It might pay you to take advice from an IFA? You could ring round a few and check fees.

joebob

xylophone wrote: »

If you joined in 1988 then it is likely that all your GMP is post 88.

This means that at GMP age (65 for a man), it is up to the Scheme to index link the GMP up to 3% - see previous links on GMP.

I think that you need to be sure that you are happy to take a 36% actuarial reduction in your pension if you proceed now.

You say you want to retire at 6O but you will not have reached SPA - will you be drawing a DC pension from Coors then?

You might wish to obtain a new state pension statement after you have reached your 55th birthday.

https://www.gov.uk/state-pension-statement

It might pay you to take advice from an IFA? You could ring round a few and check fees.

yes I will start drawing my coors pension in june,
any idea of a ballpark figure for IFA

xylophone

any idea of a ballpark figure for IFA

None - though Dunstonh (above) or Aegis ( https://forums.moneysavingexpert.com/discussion/5228104 ) might.

You might try PMs to each?

Have a look at the unbiased site and ring round a few in your area to get an idea?

You have the deferred FS pension that you are thinking of taking in June but are you currently contributing to the Coors DC scheme?

Would you plan to take this at 60?

joebob

xylophone wrote: »

None - though Dunstonh (above) or Aegis ( https://forums.moneysavingexpert.com/discussion/5228104 ) might.

You might try PMs to each?

Have a look at the unbiased site and ring round a few in your area to get an idea?

You have the deferred FS pension that you are thinking of taking in June but are you currently contributing to the Coors DC scheme?

Would you plan to take this at 60?

No I am not paying into coors pension any longer. I now pay into a DHL DC scheme. when we were taken over in 2009 coors stopped the FS pension, and changed to a DC scheme, so nothing has gone into the coors pension for 5 years.

atush

If you are continuing to work, i would NOT take the pension in june (just because you can doesn't mean it it a good idea.

First off, you lose 36% of your pension (and presumably LS). Second, the pension will be taxed.

I would contribute to the DC pension, and leave a year early and draw on that while waiting for your scheme to pay out.

joebob

atush wrote: »

If you are continuing to work, i would NOT take the pension in june (just because you can doesn't mean it it a good idea.

First off, you lose 36% of your pension (and presumably LS). Second, the pension will be taxed.

I would contribute to the DC pension, and leave a year early and draw on that while waiting for your scheme to pay out.

I know I will loose 36% but in the time upto my retirement age 66 and 3 months I will have drawn £88,000 before tax and £28,000 tax free. very tempting