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GMP rules
balbs
Posts: 95 Forumite
Situation - I have a few pension cash pots - I would like to consolidate one of them to another, but this has a GMP cash figure of 25K (pot is about 80K) and told not allowed to do this without taking advice - sort of understand that although that seems far more important for DB schemes rather than cash amounts. The NRD on that pot is on my 65th - so in general do the rules on taking advice change at that NRD point, or could the scheme still insist on it?
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Comments
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The scheme is just following the law. I presume the money purchase investment has a GMP underpin, in which case you will probably be required to take the benefit at 65 and wont have any other choices except a transfer value with advice. 65 being the GMP payment age.0
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but this has a GMP cash figure of 25K (pot is about 80K)
Can you supply more details of this pension?0
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