Small pension - is it worth me transferring out?

Phaser

xylophone wrote: »

When you left, were you given a statement showing

Pre 88 GMP

Post 88 GMP

Excess

Is this scheme a company scheme?

What is the actuarial reduction for taking the pension early?

Thank you. I will dig leaving papers out. Yes it’s a company scheme. They can’t give an actuarial reduction for taking early (they say) as they can’t give accurate predictions.

xylophone

They can’t give an actuarial reduction for taking early

But there are normally scheme rules covering this!

Phaser

xylophone wrote: »

When you left, were you given a statement showing

Pre 88 GMP

Post 88 GMP

Excess

Is this scheme a company scheme?



What is the actuarial reduction for taking the pension early?

Will dig leaving papers out, but I don’t think so. If not will chase them mon.
Yes it is a company scheme - no figs for taking early only the lifetime allowance figs. On this paperwork only figs are Pre 88 £0.00 & Post 88 GMP £183.04.
Thanks for answering.

xylophone

On this paperwork only figs are Pre 88 £0.00 & Post 88 GMP £183.04.

https://www.barnett-waddingham.co.uk/comment-insight/blog/2014/08/18/what-is-a-gmp/

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

Is your GMP revaluing by fixed rate or full rate?

Have you obtained a new state pension statement?

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

What does it say?

AnotherJoe

Phaser wrote: »

Thank you. I will dig leaving papers out. Yes it’s a company scheme. They can’t give an actuarial reduction for taking early (they say) as they can’t give accurate predictions.

Thats very weasely. There should be set percentages. Sure they cant tell you what exactly you'd get if you took it (say) in 3 years time as they dont know what RPI/CPI would be but should be able to tell you that it would be x% higher per year modified by RPI or whatever factor they use. They cant be making ad hoc calculations. If they are, ask for one now for age 60, which is mid way between now and 65, and then just prorate it yourself.

Phaser

Thank you Another Joe and Xylophone. Thanks to you all I am armed with explanations and more info on what questions to ask. I wil contact them mon. It’s so overwhelming - but obviously partly my fault for not educating myself properly on some of these matters and the implications.
Thank you so much.

xylophone

I wil contact them mon.

Make sure that you have read the scheme booklet - is there a copy on the internet?

And have you obtained your state pension statement?

Phaser

xylophone wrote: »

Make sure that you have read the scheme booklet - is there a copy on the internet?

And have you obtained your state pension statement?

Thanks.
No copy online.
Tried the Gov Gateway for the state but they’re swapping their systems over so I can’t access until ID number sorted.
I’m determined to get a grip on this. Thanks all, for all your help so far on this.

Phaser

Update:
None of the answers could be given over the phone - it will take 10 days to get the answers from the q’s. No online booklet so I’ve to wait for that too.
I’m looking into and have made enquiries with ref a IFA.

I was quoted £2000 for advice today - wether he recommends I transfer out or not. I understand the reports etc have to be charged for. Not keen on that one as it was completely done over the phone and via email. Rather see someone face to face.
Q. Whilst doing some searching I found an annuity calculator giving back a TFLS of £37,500 and £407 a month for 25 years ( I’d be 80 when it finishes) from a transfer of £150,000 - is that really achievable? I know the down sides of annuities.

xylophone

Rather see someone face to face.

https://adviserbook.co.uk/

When the menu comes up you can tick confirmed independent

and pension transfer.