small pension pot

Paulasb12

I have a pension with British rail that is worth about £90 a year. they are claiming that due to GMP I can't cash it in is there a way to do this? A pension that small is worthless now so in 11 years it will just be stupid

Brynsam

If you transfer it out to a personal pension, the GMP element will be treated the same way as any 'non-GMP' benefits you are transferring, and you'd be able to take cash from that scheme when you reach age 55 (possibly depending on what other pension benefits you have).

Joey_Soap

if you transfer it out to say, a SIPP and the value is not more than £10,000 you can do small pot withdrawal where you just pull out the whole pot in ome go. Doing this does not affect your pension rights in any way for other pensions.

Malthusian

The above posters are assuming the pension is not already in payment. Is it?

Silvertabby

I'm guessing that OP is 55 now, hence comment re 11 years to retirement (?), and wants to access this pension now.

Sounds like BR are using similar rules to the LGPS - ie, a pension with a GMP can't be trivially commuted (taken as a one-off lump sum) before GMP age (still 60 for a woman, 65 for a man).

OP - if this is the case, then other rules will apply - ie, if you have any other pensions (other than the State pension) with a combined value of £30K or over then triviality isn't an option regardless of your age.

xylophone

You have a deferred pension with GMP?


Are you male or female?

What is normal retirement age in the scheme?

Do you have a statement of deferred benefits on leaving?

What exactly does it say re

pre 88 GMP

post 88 GMP

excess?

How is the pension revaluing in deferment?



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/

What is the Cash Equivalent Transfer Value of the pension?

And because there is a GMP there may currently be a problem regarding a transfer out.

https://www.moneywise.co.uk/news/2018-11-13/final-salary-scheme-members-seeking-transfers-told-to-expect-delays-after-high-court

Have you obtained a new state pension statement?

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