Former Protected Rights Pension Fund - Access at 55 or 65?

staffsuk

Hi all - so following on from my question about my former protected rights pension pot which is currently with Phoenix Life - https://forums.moneysavingexpert.com/discussion/6463804/contracted-out-pension-pot-what-to-do/p1, I received a reminder today that I'm approaching my 55th birthday, with a request from them as to what I wish to do. I was always under the impression I could access the former protected rights pension funds from aged 55. However, in their statement it gives a retirement date of 2034 for that element of the pension fund, when I'll be 65. Further, they only give quotes for an annuity & UFPLS etc for a meagre sum which forms the 'retirement fund' element, which was AFAIK paid in for a short period by the employer who initiated my contacting out of SERPS back in 1990.

Can anyone advise?

Thanks :-)

GrumpyDil

I'm guessing that is similar to a letter I received in relation to my Aviva pension which was basically informing me that as I was approaching 55 I had options around my pension fund and outlining some of the detail. Note that there is in practice no difference between former protected rights and non protected rights in terms of your choices about taking the benefits. 

I doubt they specifically want you to make a decision and any illustrations will be written to your policy retirement age, albeit you can choose to take benefits any time from your 55th birthday onwards.

dunstonh

 I was always under the impression I could access the former protected rights pension funds from aged 55. However, in their statement it gives a retirement date of 2034 for that element of the pension fund, when I'll be 65.

Statement projections will use the age you select for them to project to.   You are not held to that date.  It is purely to give them an indication of when you think you will commence benefits and they can prepare on the basis.  

 Further, they only give quotes for an annuity & UFPLS etc for a meagre sum which forms the 'retirement fund' element, which was AFAIK paid in for a short period by the employer who initiated my contacting out of SERPS back in 1990.

That is correct and standard.