SERPS - advice please

xylophone

Government website shows I will receive a max of £159.55 in 2039.

Does it say "if you continue to contribute"?

As far as I can see, you have two DB pensions and a DC pension.

Transferring out of the DB schemes into a non DB scheme would almost certainly require the advice of a Pensions Transfer Specialist.

Your pension scheme with a new employer might or might not accept transfers in.

A scheme pension available at 60 would hardly seen worth transferring into a scheme payable at a later age.

You might find that if you do not take the pension at 60, your scheme would use a "late retirement factor" to increase pension in deferment but by no means all schemes do this.



The DB pensions should be revaluing in deferment and should have some form of index linking once in payment.

It might be worth exploring a transfer of the Reassure Pension into a current or future scheme.

On the other hand it might be possible to take it as a small pot once you reach the relevant age.

https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/the-right-choice-for-me/taking-a-small-pension-as-a-cash-lump-sum

You could consider having an IFA look over your pension arrangements if you wished.

Cygnus_Alpha

clareski wrote: »

I have been looking through my paperwork and at March 2016 I have:

ReAssure (Barclays) Current Value £2370.40 (could pay £95 per year at age 65) Lucky me!!
Company pension 1 Annual pension of £3550 at age 60
Company pension 2 Annual pension of £5768 at normal pension age (67 or 68?)

Both company pensions are 1/60

I may be made redundant early next year, so would be looking at another company pension scheme with a new employer. Is it best to keep all pensions separate, especially as company pension 1 pays out 7 years before company pension 2?

I wouldn't knock the £95 per year. It's free money from you contracting out all those years ago and it sounds like your state pension has not been reduced as a consequence.

sevenhills

clareski wrote: »

ReAssure (Barclays) Current Value £2370.40 (could pay £95 per year at age 65) Lucky me!!
Company pension 1 Annual pension of £3550 at age 60
Company pension 2 Annual pension of £5768 at normal pension age (67 or 68?)

I was with the Pru.

I got about £33k from SERPS and about £10k from the private pension with the Pru.

I am 55 this year, so I was able to cash it in.

jamesd

clareski, better to keep them separate. You can't combine the two company defined benefit pensions into one defined benefit pension even if you wanted to.