Understanding Deferred Benefit Statement (or rather, not!)

EdInvestor

Hi missile

If the OP's pension scheme was adamant about not allowing him to take early /ill health retirement, the OP could then ask for a transfer value from the final salary scheme with a view to converting the pension entitlement to a pot of money by transferring it to a personal pension and then taking an annuity.

As he would presumably be eligible for an impaired life annuity with a higher rate - and could also take 25% tax free cash from the fund - this might be worth looking at - on the other hand he might get a very poor transfer value, that's not uncommon.First he should check what deal (if any) his scheme would give him, including any cash lump sum, as this would likely be better.

The open market option may be relevant, but it can't be invoked directly from where he is now, there has to be a step (the transfer/conversion to a pot of money ) in between.

So you are both right.

missile

So you are both right.

Thanks girls

Debt_Free_Chick

EdInvestor wrote: »

The open market option may be relevant, but it can't be invoked directly from where he is now, there has to be a step (the transfer/conversion to a pot of money ) in between.

I didn't make this clear

Thanks Ed :T