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Standard Life Pension

plumb1_2
plumb1_2 Posts: 4,488 Forumite
Part of the Furniture 1,000 Posts Photogenic Name Dropper
in Pensions, annuities & retirement planning
I have a old Standard Life pension, latest update £34,638 , they state my tfls is £6,043. I thought it was 25% of the value.
But as it’s in their With profits fund and a bonus is added maybe it’s correct?
The pension also has a GMP of £1.186.77 per year which I don’t think is worth keeping?
Plus has a retirement date of November this year 2022

i have just finished full time work, and gonna start working a couple of days as a sole trader
I have enough cash to last a few years so don’t want to take the pension yet. Is it best to alter the retirement date to say 2025
As I have been reading on the site that it’s difficult to transfer it to my vanguard sipp as it’s over £30k, and would need a FA to do this, but think I could transfer it to another SL fund, but would loose the GMP
Any opinions folks
A thankyou is payment enough .

Comments

  • dunstonh
    dunstonh Posts: 120,603 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    The pension also has a GMP of £1.186.77 per year which I don’t think is worth keeping?
    Funding the GMP takes priority over the availability of tax free cash.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • xylophone
    xylophone Posts: 45,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    The pension also has a GMP of £1.186.77 per year 

    Is this a S32 policy?

  • plumb1_2
    plumb1_2 Posts: 4,488 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    xylophone said:
    The pension also has a GMP of £1.186.77 per year 

    Is this a S32 policy?


    All I know it’s in the with profits fund, it was a old work pension worth about £3k .
    A. FA transfered bit as a lump sum about 30 yrs ago 
    A thankyou is payment enough .
  • Albermarle
    Albermarle Posts: 29,737 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    plumb1_2 said:
    I have a old Standard Life pension, latest update £34,638 , they state my tfls is £6,043. I thought it was 25% of the value.
    But as it’s in their With profits fund and a bonus is added maybe it’s correct?
    The pension also has a GMP of £1.186.77 per year which I don’t think is worth keeping?
    Plus has a retirement date of November this year 2022

    i have just finished full time work, and gonna start working a couple of days as a sole trader
    I have enough cash to last a few years so don’t want to take the pension yet. Is it best to alter the retirement date to say 2025
    As I have been reading on the site that it’s difficult to transfer it to my vanguard sipp as it’s over £30k, and would need a FA to do this, but think I could transfer it to another SL fund, but would loose the GMP
    Any opinions folks
    Probably best to call them to clarify any details. Or send them a secure message with your questions ( you can do this via the website usually) Their customer service is quite responsive in my experience.
  • plumb1_2
    plumb1_2 Posts: 4,488 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    dunstonh said:
    The pension also has a GMP of £1.186.77 per year which I don’t think is worth keeping?
    Funding the GMP takes priority over the availability of tax free cash.
    So i would get a lower tfls  and just get £1186.77 per year?
    Or would I be able to do a drawdown?
    A thankyou is payment enough .
  • xylophone
    xylophone Posts: 45,850 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    it was a old work pension worth about £3k .

    https://www.financialadvice.net/s32_buy_out_plan/zone/1288

    Is this a post 88 GMP?

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