Question on SERPS fund

Green.Lander

Hello, I contracted out of SERPS mid 80's and i believe this is invested with Aviva.
The total fund value today, with other pension savings, is around £90k with a final bonus (15K) and guarantee of 4% growth.
Does this mean i have to wait until i am 65 to obtain the SERPS part? Can i take 25% tax free? will i loose the final bonus if i take early?  and how does this relate at all to the COPE figure i obtained  from HMRC?
 
Thank you 
     

Albermarle

i believe this is invested with Aviva.

You must know if it is with Aviva or not?

Does this mean i have to wait until i am 65 to obtain the SERPS part?  No

Can i take 25% tax free?Yes

loose the final bonus if i take early? Probably best to ask the provider of the exact rules of the scheme ( or wait for more informed answers on the forum ) 

gambleruk

I am not an expert but have a similar pension with Aviva from the 80's and I have spoken to them on a few occasions recently, you can access the full amount at 55 and yes can take 25% tax free then. The final bonus will be included whether you take the full amount or transfer it to another pension. One thing to note is that the 4% growth is only on a small part of the pension, well it is on mine, if you ring Aviva they will answer all your questions, I have found them very helpful.

dunstonh

Does this mean i have to wait until i am 65 to obtain the SERPS part?

There is no "serps part" any more. 

Can i take 25% tax free?

Yes if you are over 55 but possibly not on the plan you have got.

Remember that using income drawdown like this would prevent you using alternative methods, such as phased drawdown which could be more beneficial in the long term.

 will i loose the final bonus if i take early? 

Final bonus accrues as you go along.  It is not suddenly added at the end.

 and how does this relate at all to the COPE figure i obtained  from HMRC?

It doesn't.  

Marcon

Green.Lander said:

 and how does this relate at all to the COPE figure i obtained  from HMRC?
 
     

The COPE figure causes endless confusion. See https://conversation.which.co.uk/money/state-pension-forecast-paper-statement-dwp-hmrc/ for an explanation.