How soon before 55 is best to start asking for figures

xylophone

http://akzonobelcpspensionscheme.co.uk/retirement-benefits.html

If you’re no longer working for the Company and would like to request a retirement quotation, simply complete and return the Retirement quotation request form to the administration team.


If you have benefits in the CPS Section of the Scheme, you can access your benefits from age 50 (with reduction for early payment).

For any benefits in another section of the Scheme, the earliest age you can access your benefits is age 55 (with reduction for early payment).

As a defined benefit (DB) scheme member, you could only take advantage of these new flexibilities by transferring out your DB Scheme benefits and into a DC arrangement. This is a very important decision affecting your future and should not be taken lightly. You need to consider your choices very carefully and, by law, will have to consult a financial adviser regulated by the Financial Conduct Authority before taking any action (if your total pension value is greater than £30,000).

atush

s5cyh wrote: »

Hello, it is an final salary pension pension currently frozen as I no longer work for the company, I want to pay off my mortgage of approx £40k, and yes I will be continuing to work after 55. I know I will be safe from reaching a higher tax bracket.

There is no on line access to see the pension value, you have to ring or fill a form in to get the figures

The pension is with Akzo Nobel

Do you have other savings and investments? What rate is your mtg?

Makes most sense to pay off the mtg later, and not take a pension early/reduced just to have it be taxed at your highest rate.

xylophone

If it's final salary pension they will be paying you so much a month then?

http://akzonobelcpspensionscheme.co.uk/retirement-benefits.html

The standard option provided through the Scheme is an annuity (regular income for life) plus a tax-free cash lump sum (up to certain limits) if you wish.

s5cyh

Thank you for all your replies, opinions, and comments. From this I have learnt that I need to find my own financial adviser who I can discuss my own personal situation with.

xylophone

From this I have learnt that I need to find my own financial adviser who I can discuss my own personal situation with.

If you are contemplating a transfer out to a DC Scheme, and the value of your benefits is over £30,000, the Financial Adviser needs to be a Pension Transfer Specialist.

See https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/pension-transfers-conversions/

https://www.royallondon.com/media/good-with-your-money-guides/five-good-reasons-to-transfer-out-of-your-company-pension-and-five-good-reasons-not-to/

https://adviserbook.co.uk/ Tick "confirmed independent" and "pension transfer" when the menu comes up.

AnotherJoe

xylophone wrote: »

If you are contemplating a transfer out to a DC Scheme......

... merely to pay off a £40k mortgage - dont. You might as well burn your money.

SonOf

it is an final salary pension pension currently frozen

Is it frozen or are you just calling it frozen?

Frozen has a specific meaning and I suspect you are not using it correctly.

MEM62

s5cyh wrote: »

Thank you for all your replies, opinions, and comments. From this I have learnt that I need to find my own financial adviser who I can discuss my own personal situation with.

That would be a good move. It will place you in a position where you can make properly informed decisions.

AnotherJoe

s5cyh wrote: »

Thank you for all your replies, opinions, and comments. From this I have learnt that I need to find my own financial adviser who I can discuss my own personal situation with.

Please make sure its an Independent Financial Adviser.

Bravepants

p00hsticks wrote: »

No NI to pay on pension income

I was wondering that! I thought I might have had to go adjust my retirement spreadsheet! Phew!:p