Pension top up confusion

ianjean

I'm confused about topping up my pension I'm 58 years and my private pension company has assumed and planned for my retirement date being 2022 so I guess they've worked on the basis of my plan being matured and paid out at that date (will be 65).

On the company's form linked to topping up your pension they say this.....

“This form is only available for customers who meet all the following conditions”

One being......

#You wish to keep the same retirement date as shown in the 'What you may get if you retire' section of your last yearly statement#

So does anyone know the result if I top up say £3000 in May this year and 24 months down the line I have to retire and take the pension before 2022?

Thanks Ian

mgdavid

pensions don't 'mature'. The Pension companies have to assume a retirement age / date so they can comply with regulations and produce forward illustrations of what the pension fund may be worth at some point in the future, and how much annuity it would buy. The date you retire and the date you take a private pension need not be the same, you can access the fund at any age over 55.

dunstonh

As mgdavid days, the dates are there just to provide example illustrations with the annual statement. Then when you get closer to that age, the company will write to you. You can change that age, you can ignore that age and take it earlier or later.

The only time ages are relevant are on plans with GMP and GARs or older plans with penalties

ianjean

ok thanks for explaining that I won't hesitate to top up