Protected rights - bigger tax free sum?

lilysmum0151

I have 2 pension funds in Standard Life (1 old employer/1 new employer) both invested in their standard fund. Rang them today to ask about combing them. 

Told - much to my surprise - that whilst the fees on my old (and biggest) fund are 0.4% higher than the new one, I have ‘protected rights’ which allows me to take 66% tax free at age 55.

Can anyone explain how that will interact with me taking the 25% tax free from my other pension funds at age 55? Will it stop me doing so? 

SonOf

Told - much to my surprise - that whilst the fees on my old (and biggest) fund are 0.4% higher than the new one, I have ‘protected rights’ which allows me to take 66% tax free at age 55.

This could either be because your pension is a section 32 buy out bond and had a higher tax free cash entitlement before 2006 or it is an executive personal pension which gave rights to a potentially higher tax free cash based on your earnings (Again before 2006).
Prior to 2006, different types of pensions could have different levels of tax free cash entitlement.  Post 2006, it was set to 25% but existing plans could gain the transitional relief to be higher.     We generally refer to it as protected tax free cash.  I have never seen it referred to as protected rights as that has a different meaning.

Can anyone explain how that will interact with me taking the 25% tax free from my other pension funds at age 55? Will it stop me doing so? 
It has no impact on other pensions.

xylophone

I have ‘protected rights’ which allows me to take 66% tax free at age 55.

https://www.curtisbanks.co.uk/case-study/pension-commencement-lump-sum-pcls-fact-sheet/