Looking for a pension co that'll do 'Drawdown' for my two pots.

xylophone

Xylophone, I am entitled to the full state pension at 66/67 (whenever it is) as I've accrued enough NI contributions over my working life.

You have actually checked your new state pension forecast?

You were contracted out while in TPS and may have been at other times in your working life.

It is worth checking if you have not done so.

Have you checked your options in respect of the AVC with TPS?

Are you currently contributing to a DC pension plan or do you intend to do so in the future?

If you take the AVC and it counts as a DC pension, it is over the "small pot" amount and may trigger the Money Purchase Annual Allowance?

This may not be relevant to your circumstances but check this out with with the Pru/TPS.

JillyC8

They don’t sound very ‘teeny’ to me!

Jeepers_Creepers

Hi Xylophone.

Yes, I have checked my State Pension forecast and it's fully paid up in terms of 35+ years contributions.

I am not currently contributing to any pension plan.

I did ask Teachers' Pensions whether I could transfer the Prudential AVC in to it, but I couldn't as I am no longer employed/ have stopped making contributions. Ditto I couldn't transfer my Phoenix pot in to the Pru's for the same reason.

Prudential are going to call me next week to discuss my request for taking the whole £12k in a lump sum. After the 25% tax-free sum is removed, the balance will be well under my annual tax threshold so I should be able to reclaim the tax taken from this - so I should end up with the whole amount without a tax penalty.


The Teachers' Pension's policy is worth keeping as it is since it actually does deliver a useful pension contribution of a £4k lump sum along with £1.6k pa thereafter - a genuinely helpful amount (as opposed to the Pru's £700 pa).


Jilly C8 - lol. Fair point - I am grateful for these sums, but as 'pensions' they are pretty pointless whereas I can make good use of the cash amounts now to clear off my mortgage and allow me to finish 'doing-up' the house.


Many thanks to everyone for their help and advice - it has actually been invaluable.

xylophone

The Teachers' Pension's policy

Deferred pension with TPS rather than "policy"?

Jeepers_Creepers

My apologies if my terminology is slack - Teaching was a breeze compared to this :-)


It is an '80th Final Salary pension' with www.teacherspensions.co.uk


I haven't actually deferred this pension, simply not called on it. I have deferred the Pru and Phoenix pensions as they threatened to buy annuities with them, which would have tied me in to their pitiful annual pension payments.

xylophone

I haven't actually deferred this pension, simply not called on it.

If you are no longer contributing it is deferred.