Totally confused

Whiterose23

Surprised it’s only forecast to pay out £4K. I recently had a forecast of £7000 at retirement in ten years, and a current CETV of £97000 ...

paul1672

hugheskevi said:

paul1672 said:

I'm a 48 year old...What I really want to do is transfer it so I can open a drawdown scenario when I reach 55.

So you will reach age 55 in 2028? This is the year in which minimum pension age for pension commencement is due to be increased to age 57. There is no specific date for the change yet, but 6th April 2028 would be likely - will you have reached age 55 by that date?

Yes, I did see the change in pension commencement is due 2028.
I will 55 in march of that year so hoping I should miss out on it effecting me.
In regards to yearly sum paid out ive re-visited my quote and it seems its actually risen to just under £6,000 per year currently so indeed it has risen with inflation so it seems.
So, by my understanding its looking highly unlikely I can touch this pension pot then?
Many thanks for all the replies, it looks like I'm going to need some financial advice but the reason I become stuck is potentially I could be advised to leave it as it is and face a bill for the advice anyway which would need paying straight away which I wouldn't want to do. 

Albermarle

Whiterose23 said:

Surprised it’s only forecast to pay out £4K. I recently had a forecast of £7000 at retirement in ten years, and a current CETV of £97000 ...

It is the other way around . It was surprising the CETV was so large for £4Kpa but the OP made a common mistake and only looked at the old value when they left the company, without taking intervening inflation rises into account.
On the opposite hand your CETV looks very low .