Early retirement dashed :(

biscuit1_2

Hi is there a way round this, have i got it right, i am currently 57 and have taken my main pension from work at 55 and am looking at another i had between sept 1984 and Oct 1989 so i can semi retire, My second one has a GMP attached at 7.5% of £291 when i left in 1989, have i got this correct that i cant draw this as it would need to achieve a figure of £6700 pa to achieve GMP where it is currently sat at £4000 pa, even though i have other pension provisions that take me above state pension. I did contact the providers prior to my 55th birthday in 2015 but they said my benefits prove insufficient



CHEERS

ANDY

xylophone

My second one has a GMP attached at 7.5% of £291 when i left in 1989, have i got this correct that i cant draw this as it would need to achieve a figure of £6700 pa to achieve GMP where it is currently sat at £4000 pa,

This is a deferred scheme pension or possibly a S32?

If you wish to take the pension earlier than scheme pension age you have to pass the GMP test?

Post 2 https://forums.moneysavingexpert.com/discussion/5884377/gmp-stopping-me-cashing-pension&highlight=gmp+early+pension



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

https://www.thisismoney.co.uk/money/pensions/article-3680749/I-want-pension-freedom-trapped-section-32-buyout-plan.html

biscuit1_2

Cheers xylophone, my pension is a deferred pension with a pre 88 of £204 post 88 £86. I left the pension in Oct 89 and am due to retire in 2026. Does the calculation run from 1989 to 2026 a total of 37 my current value up to last year was £3795 any idea what i need to draw this now

xylophone

See

https://www.barnett-waddingham.co.uk/comment-insight/blog/2012/07/24/revaluation-for-early-leavers/

The revaluation period for GMPs is the number of complete tax years between a member's date of leaving and their GMP Pension Age. For members retiring before they reach GMP Pension Age, the revaluation period for GMPs would normally be the number of 6 Aprils between the two dates.

xylophone

https://forums.moneysavingexpert.com/discussion/1439747/guaranteed-minimum-pension-early-retirement

may be of interest.

biscuit1_2

I think the term " whoosh" as in over my head fits here, i need the calculations used to make any sense.

biscuit1_2

Just one last question, if my pre 88 was £204 and post 88 is £86 do i add both numbers when trying to estimate my GMP at retirement age as this could make all the difference, when i calculate just my pre 88 at 37 years x 7.5 x £204 the figure is £2963 my £4000 looks enough if i combine both pre and post the figure is £4299 not enough

hyubh

biscuit1 wrote: »

Just one last question, if my pre 88 was £204 and post 88 is £86 do i add both numbers when trying to estimate my GMP at retirement age

Pre- and post-88 GMP revalues before GMP age (65 for men, 60 for women) equally. It's only after that point that the pre- and post-88 distinction becomes important.