CIS Option 32 NRD

dunstonh

ferustrated wrote: »

If I retire at 60 are they likely to reduce the amount?

If so any idea what sort of % is usual?

You will get a lower annuity rate than at 65 and if there are guaranteed annuity rates, they may kick in at 65. However, in respect of everything else, no.

ferustrated

On the paperwork I have there is no mention of Annuity, just

Basic Pension pa £8089.45
Total annual bonus (from previous years) £2597.95
Total guaranteed pension pa £10687.40

dunstonh

ferustrated wrote: »

On the paperwork I have there is no mention of Annuity, just

Basic Pension pa £8089.45
Total annual bonus (from previous years) £2597.95
Total guaranteed pension pa £10687.40

It is an annuity that provides that pension income.

xylophone

If you look at the revalued GMP in your first post, although it says "revalued to state pension age", in fact it has been revalued to age 60 (female GMP age).

which is just as it should be.

ferustrated

How can they calculate a guaranteed pension if annuity rates could change?

dunstonh

ferustrated wrote: »

How can they calculate a guaranteed pension if annuity rates could change?

The guaranteed pension is the minimum the insurer has to pay. If annuity rates are too low or the fund is not high enough then the insurer has to make up the difference.