Advice on cashing in 2 smaller pensions please.

xylophone

Previously had a small one but not now, due to several reasons & family carer.

Auto enrolment obligation?

https://www.autoenrolment.co.uk/news/do-you-employ-a-nanny-carer-or-cleaner

Have you obtained a new state pension statement?

https://www.gov.uk/yourstatepension?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY

xylophone

However, the point we need to look at is what guarantees exist that are preventing you from accessing the pension prior to age 60. Are these guarantees valuable and worth more than the transfer value.?

http://boards.fool.co.uk/cu-pensionmaker-8857851.aspx

I have just seen the above and the OP has said that there is a GAR.

AVENUE

xylophone wrote: »

Auto enrolment obligation?

https://www.autoenrolment.co.uk/news/do-you-employ-a-nanny-carer-or-cleaner

Have you obtained a new state pension statement?

https://www.gov.uk/yourstatepension?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY

Ive opted out of the auto enrolment due to some particular family issues & have got the state pension statement.


Best Regards


Avenue

AVENUE

xylophone wrote: »

http://boards.fool.co.uk/cu-pensionmaker-8857851.aspx

I have just seen the above and the OP has said that there is a GAR.

Aviva have sent me info which states that my fund value & transfer value is just over £12,000. On the fund value it states that this doesn't include any additions or deductions we may make when you retire. On the transfer value it states this is your fund value including any relevant additions or deductions. These values are as at 14th February.


Best Regards


Avenue

xylophone

What is the Guaranteed Annuity Rate?

xylophone

https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/buying-an-annuity-how-to-shop-around/guaranteed-annuity-rates

https://www.pensionwise.gov.uk/ You might wish to book an appointment.

dunstonh

A GAR would not make the plan only accessible at age 60. So, there has to be something else as well.

I have seen Aviva GARs in excess of 10%. Cashing a plan like that in could be a bad move. Especially, if the money is going into a bank account paying under 1%.

xylophone

I now notice that the subject of these two pensions came up a couple of years ago.

Is the L&G a S32 Buyout Bond? What does the policy say about Guaranteed Minimum Pension?

AVENUE

I don't know what the actual GAR is yet, I will ask on that, however because of certain family situations, including disability issues, I really need to access the cash now.


The Smaller L&G was a company pension that wasn't paid into long & then the firm closed. This one is a buy out plan and is only valued at just under £3000. This, the paperwork says is both the fund value & transfer value.


Best Regards


Avenue

xylophone

This one is a buy out plan and is only valued at just under £3000. This, the paperwork says is both the fund value & transfer value.

Is there any mention of a Guaranteed Minimum Pension?

http://www.financialadvice.net/s32_buy_out_plan/zone/1288