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Pension advice please
Schomojo
Posts: 2 Newbie
Hi all
New to this forum so please be gentle.
I am a little way off retirement but am trying to get my head around what I have in my pension kitty and would appreciate some advice.
I have a frozen Defined Benefits Scheme with Vodafone from a previous employment. Would I be right in saying that a guaranteed transfer value would be similar to the fund value? The current transfer value (I have no intention of transferring) is approximately £100000. What I am trying to ascertain is that if I was at retirement age now would this be the amount available to me
Hope this make sense
New to this forum so please be gentle.
I am a little way off retirement but am trying to get my head around what I have in my pension kitty and would appreciate some advice.
I have a frozen Defined Benefits Scheme with Vodafone from a previous employment. Would I be right in saying that a guaranteed transfer value would be similar to the fund value? The current transfer value (I have no intention of transferring) is approximately £100000. What I am trying to ascertain is that if I was at retirement age now would this be the amount available to me
Hope this make sense
0
Comments
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I have a frozen Defined Benefits Scheme with Vodafone from a previous employment.
its unlikely to be frozen. more likely to be deferred if its a defined benefit scheme.Would I be right in saying that a guaranteed transfer value would be similar to the fund value?
No. The fund value on money purchase pensions is just that. The transfer value on the defined benefit scheme is a cash value for giving up the benefits.What I am trying to ascertain is that if I was at retirement age now would this be the amount available to me
No. You need to look at the benefits of the pension with defined benefits plans. There is no investment pot with these. The statement of benefits should tell you what you need to know.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for your quick response
Most appreciated0
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