Section 32 buy out policy question

balbs

I have a section 32 buy out policy, transfer value about £70K with a protected GMP pension of about £1,1000 at NRD which is 2021. I had thought about transferring it just to rationalise my pensions to another SIPP but  advisers want a relative fortune to advise on transfer, so I thought again about just keeping it until NRD - but the bit I dont understand is - if the fund needs to generate the GMP pension element that would be about £30k on current annuity rates - what happens to the rest of its value? 

Dox

That's used to provide benefits in addition to the GMP.

xylophone

https://www.financialadvice.net/s32_buy_out_plan/zone/1288 may be worth a read.

balbs

Thanks for that link xylophone - thats the first explanation I've seen of a GMP element within an overall plan - I think I've got it now.