pension help please

pc10

Hi - Many years ago I paid into stakeholder pension and additional contributions pension (working in NHS). Both policies are with Standard Life and I no longer pay into them.


I am a member of NHS pension scheme.


The current value of both Standard Life pensions is around £15,000 and statements say this should get me an annual pension of around £500 per year when I retire in about 9 years at age 60.


So this means, in order to get the full value, I would need to live for 40 years - (500 x 40 = £20,000 estimated full value in 9 years) - is this right?


I can't see on any paperwork where I would also get a lump sum except if I die before retirement!


Ideally I would live to be able to cash it in right now but I don't think that's an option!


Any ideas on how to get more out of this than £500 per year?


Thanks

dunstonh

So this means, in order to get the full value, I would need to live for 40 years - (500 x 40 = £20,000 estimated full value in 9 years) - is this right?

No.

The projection will be based on assumptions. These assumptions usually mean a joint life annuity with indexation and a value adjusted for inflation showing it in todays terms (ie. what it would buy today. Not in future money terms).

That basically means it is projecting one of the lowest types of income possible as well as putting it in todays terms.

Any ideas on how to get more out of this than £500 per year?

By leaving it invested to carry on doing what its doing and largely disregarding the income projection as that is unrealistic.

pc10

Thanks!
So as there is no mention on paperwork of lump sum, does this mean that there isn't one?
Is there any way I can 'withdraw' the money rather that wait to get a pension? (other than die!)

xylophone

http://library.standardlife.com/nhspakshp_1214.pdf

http://www.standardlife.co.uk/content/pdf/slac/nhs02b.pdf?show=true

may help.

pc10

Thanks - those links are very useful!