NHS can i transfer other pensions in ?.

adamcarvell

With actuarial reduction? What is the NRA? not sure what you mean but I've asked for projections from Argos got one for age 55 take at 5th may 2021 op 1 £1527.12 pa op2 lump sum £7709.73 and £1156.56 pa.

checked my state pension forcast three more qualifying years to get the £156.

xylophone

Normal Retirement Age.

https://www.moneyadviceservice.org.uk/en/articles/defined-benefit-schemes

https://worksmart.org.uk/pension-advice/workplace-pensions/all-about-retirement/can-i-take-early-retirement

molerat

adamcarvell wrote: »

With actuarial reduction? how much the pension is reduced by taking ahead of NRA
What is the NRA? normal retirement age, generally 60 or 65 with most.
not sure what you mean but I've asked for projections from Argos got one for age 55 take at 5th may 2021 op 1 £1527.12 pa op2 lump sum £7709.73 and £1156.56 pa.what did they give for a later date, they would also generally quote a % per year reduction for taking it early.

checked my state pension forcast three more qualifying years to get the £156. ? £159.55 ?

My pension, being very generous at the time, quoted 0% 65-60 and 1% pa 60-55 :eek:

adamcarvell

what did they give for a later date, they would also generally quote a % per year reduction for taking it early. they didn't give me the figures for taking it at 65 those i quoted were for at 55 2021 said get the other figures in10-15 days time .
still have outstanding mortgage is it worth taking lump sums in 2021 to reduce the mortgage ?.

dunstonh

not sure what you mean but I've asked for projections from Argos got one for age 55 take at 5th may 2021 op 1 £1527.12 pa op2 lump sum £7709.73 and £1156.56 pa.

Is 55 realistic? Can you afford to retire and fund 12-13 years before the state pension is paid?

If its not realistic, then the actuarial reduction on the pension may distort the outcomes and give you incorrect information as to which option is best.

And can only echo the posts above by saying that using a union adviser is a bad idea. They are not IFAs and work under the Lighthouse network which provides restricted advice. The union gets a slice of the fee when work is agreed. So, that cut has to be factored into the fees.

adamcarvell

dunstonh wrote: »

Is 55 realistic? Can you afford to retire and fund 12-13 years before the state pension is paid?

If its not realistic, then the actuarial reduction on the pension may distort the outcomes and give you incorrect information as to which option is best.

And can only echo the posts above by saying that using a union adviser is a bad idea. They are not IFAs and work under the Lighthouse network which provides restricted advice. The union gets a slice of the fee when work is agreed. So, that cut has to be factored into the fees.

no i can't afford to retire at 55 no chance of that thanks for the heads up about unite union finance i'l give the a wide berth. reading the replies I'm leaning towards just leaving the Argos one as it is. which leaves m with my fidelity pot which is DC put into the NHS scheme or take it at 55 to help pay off a lump sum from the mortgage.

dunstonh

which leaves m with my fidelity pot which is DC put into the NHS scheme or take it at 55 to help pay off a lump sum from the mortgage.

Pension investments are probably earning around 5-7% on average. Your mortgage is probably paying around 2-3% on average. If that is still the case when you are 55, why would you want to clear cheap debt with better performing investments?

Do you have to clear your mortgage by 55?

adamcarvell

dunstonh wrote: »

Pension investments are probably earning around 5-7% on average. Your mortgage is probably paying around 2-3% on average. If that is still the case when you are 55, why would you want to clear cheap debt with better performing investments?

Do you have to clear your mortgage by 55?

no don't have to clear it but sleep better without one got 58k outstanding 10.5 years left but planning on using some of my redundancy pot to clear 10k from the 58k over the next year.

adamcarvell

mortgage is fixed until 2019 at 3.39 % atm

adamcarvell

had my fidelity pension forecast yesterday estimated from 5th may 2031 £1140 per annum.