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Urgent Standard Life pension problem
Comments
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Is the guaranteed annuity rate higher than the 5.8% plus inflation income that you can get by drawing on the money while deferring your state pension? GARs are normally for less than this so one key check to do is compare the rates. take a bit of care because the GAR might not be for an inflation-linked annuity.devondiver wrote: »My other policy, with Scottish Life, has a guaranteed annuity rate so I intend to hang on to that if I can
As a rough guide a person in normal good health is likely to be better off by deferring using pension pots worth up to five times their state pension level, which would be for five years of deferral.
Please do let us know how things go for you, always good to get feedback on whether suggestions work as expected.0 -
A very interesting question. It is a Protected Rights only fund which, at age 65, guarantees a minimum rate of 5.67%, with 50% widows pension, and increasing 3%pa. How does this rate?
- Not sure I quite get this. Need to think. Any link/s?As a rough guide a person in normal good health is likely to be better off by deferring using pension pots worth up to five times their state pension level, which would be for five years of deferral.I'd rather be a disappointed optimist than a self-satisfied pessimist0 -
Google "state pension deferral", go to the DWP / .gov.uk sites.0
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Is the guaranteed annuity rate higher than the 5.8% plus inflation income that you can get by drawing on the money while deferring your state pension? GARs are normally for less than this so one key check to do is compare the rates. take a bit of care because the GAR might not be for an inflation-linked annuity.
As a rough guide a person in normal good health is likely to be better off by deferring using pension pots worth up to five times their state pension level, which would be for five years of deferral.
This now has me thinking about whether to defer state pension and/or lump sum withdrawals and just carry on credit card tarting. Anyone 'done the math' (sic)? Any [STRIKE]advice[/STRIKE] ...er, suggestions?I'd rather be a disappointed optimist than a self-satisfied pessimist0 -
Transferred to HL and accessed cash with time to spare. Thanks to all who provided valuable guidance.
Paul.I'd rather be a disappointed optimist than a self-satisfied pessimist0 -
devondiver wrote: »Transferred to HL and accessed cash with time to spare. Thanks to all who provided valuable guidance.
Paul.
Just read this thread, glad it all worked out for you. I am with HL and very pleased with the service they provide and their investment choices.0
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