Unitised with Profit (Phoenix Life)

SouthCoastBoy

Seeing the other Phoenix Life thread got me thinking. I have a Unitised with Profit pension, currently worth around 20k, assumed pension date is 2030, it currently has a transfer value of £12,288, which is based on former protected rights (whatever that means?). Does this mean if I cash my pension in before 2030, i will only get the former protected rights back and not the final bonus? In 2030 will I be able to take the full amount without having to consult a FA or IFA? Appreciate any guidance, I will phone them nearer the time but would be nice to get some clarity now.

dunstonh

which is based on former protected rights (whatever that means?)

It means the fund was originally made up of protected rights but isn't anymore.  This is because protected rights were abolished and reclassified as non-protected rights.     Providers with old software dont have the ability to merge them with their non-protected rights segment.  So, they just renamed them former protected rights.

 Does this mean if I cash my pension in before 2030, i will only get the former protected rights back and not the final bonus?

No. You will get the transfer value on the day they close it.

 In 2030 will I be able to take the full amount without having to consult a FA or IFA?

If there are no safeguarded benefits, then you wont need advice.