Standard Life Pension

plumb1_2

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

dunstonh

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.

xylophone

The pension also has a GMP of £1.186.77 per year 

Is this a S32 policy?

plumb1_2

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 

Albermarle

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

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?

xylophone

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?