Final salary + standard Life 30k

Stenroach01

I have never really thought about retirement etc, however a few at work are starting to bow out and I'm now 48 and think I want to be done at 55 if poss.

I have 30k in standard Life managed fund, not really sure how but I remember opting out of something in my early 20s, should I be doing something with this, ie transfer in to my final salary, transfer elsewhere???

My final salary is supposed to be good, I've been in it 18 years and last statement said what I've paid in allready I will get 12000 a year, at 65 will get 26000 odd a year and I work it out at 16,500 a year at 55.

But I want out at 55.

I'm not married and understand if I die a year after taking it the company keep it?

I have child who will be 18 when I hit 55, and obviously want her to benefit.

My company allegedly paying 35x transfer value.

My plAns are to live abroad after finishing work, cost of living lot less than uk.

Financially ok, no mortgage, considerable spare income every month, guess what I'm looking to do this next 7 years is get myself in the best possible shape when 55 comes around, my pension is more than adequate for my plans, however a priority for me is leaving the bulk to my daughter if the worse comes to the worse.

Will be gratefull for any opinions.

Thanks.

xylophone

Presumably you have named your daughter as a beneficiary of any death in service benefits that come with your FS pension and of the Standard Life policy?

The Standard Life pension is likely to have resulted from a decision to contract out of SERPS - a "former Protected Rights" policy?

http://www.which.co.uk/money/pensions-and-retirement/state-pension/guides/what-was-contracting-out

Your FS scheme may or may not permit a transfer in.


If you wish to transfer out of your FS pension, you will be required to take the advice of a Pension Transfer Specialist.

http://www.pruadviser.co.uk/content/knowledge/technical-centre/pension_transfer_conversion/

Have you obtained a State Pension Statement?

https://www.gov.uk/check-state-pension