Access to Defined Benefits Pension

p00hsticks

Sheba42 said:

p00hsticks said:

Brie said:

A DB pension should send you a annual or biennial statement that outlines what you might be entitled to at retirement.  

I'm not sure that that's true for DB pensions - I have one now in payment and one still to come and although I got/get updates on how the pension scheme itself is doing (i.e. is it overfunded, underfunded, total funds currently coming in and going out, expected liabilities) I haven't had a statement personal to me in particular since the one I was sent on leaving the company, and was under the impression that I shouldn't expect to receive another until close to the Normal Retirement Age.

I've had one every year since I started my job.  Tells me everything except CETV. 

@Sheba42 that sounds as if you are still employed by the company ? My post was about what happens after you leave and the pension becomes deferred, as in the OPs case. Then you get a statement at the point of leaving but (in my experience)  don't continue to get annual statements. 

daveyjp

If you are wanting a lump sum to do home improvements cashing in a guaranteed income inflation proof income for life is only one way.  If you are able to use this position to your advantage.

A ten year mortgage at £200 a month will provide you with £15-20,000 cash.  As your DB is inflation linked you can use any annual increases in your pension payment to increase the mortgage and reduce the term.

Sheba42

p00hsticks said:

Sheba42 said:

p00hsticks said:

Brie said:

A DB pension should send you a annual or biennial statement that outlines what you might be entitled to at retirement.  

I'm not sure that that's true for DB pensions - I have one now in payment and one still to come and although I got/get updates on how the pension scheme itself is doing (i.e. is it overfunded, underfunded, total funds currently coming in and going out, expected liabilities) I haven't had a statement personal to me in particular since the one I was sent on leaving the company, and was under the impression that I shouldn't expect to receive another until close to the Normal Retirement Age.

I've had one every year since I started my job.  Tells me everything except CETV. 

@Sheba42 that sounds as if you are still employed by the company ? My post was about what happens after you leave and the pension becomes deferred, as in the OPs case. Then you get a statement at the point of leaving but (in my experience)  don't continue to get annual statements. 

I think you're a little confused poohsticks as I actually am the OP. 

I left my job in 2008 and I get a yearly statement without fail.  Maybe you could call them and ask for one ? 

Sheba42

daveyjp said:

If you are wanting a lump sum to do home improvements cashing in a guaranteed income inflation proof income for life is only one way.  If you are able to use this position to your advantage.

A ten year mortgage at £200 a month will provide you with £15-20,000 cash.  As your DB is inflation linked you can use any annual increases in your pension payment to increase the mortgage and reduce the term.

Thanks Dave. It seems everyone thinks I should be keeping my pension but I don't feel that 2k or so per year is worth keeping. 

Realistically, what could I do with 2k per year? 
It makes much more sense to me to take 28k now rather than wait for such a tiny amount that I may not even live to see anyway.  Half of us get cancer now too.  

Thank you for the suggestion though, I appreciate that 👍

Lemon_dr1zzle

The LGPS fund I work for sends annual statements for active and deferred members. 

LHW99

Sheba42 said:

LHW99 said:

If AJ Bell won't take it, I believe if you open a stakeholder pension (Standard Life?), they have to accept a transfer. I think someone here said you only need about £20 to open one, but you need to do it before trying to transfer. 

Once transferred, then you could move it on to AJ Bell, or another provider, if the stakeholder isn't flexible enough to do what you want.

Thanks LH, my husband is now looking at that online.  Do you know if my money can be left as cash with Standard life, rather than invested ? 

I have no idea, you probably could, but you would have to check with Standard Life (online for T's & C's?) to be sure.

dunstonh

Realistically, what could I do with 2k per year? 

In 10 years time it could be closer to £3.5k a year.

It makes much more sense to me to take 28k now rather than wait for such a tiny amount that I may not even live to see anyway.  Half of us get cancer now too.  

Nothing you have said so far suggests it makes any sense.   The figures stack up to taking the income being best.

Sheba42

LHW99 said:

Sheba42 said:

LHW99 said:

If AJ Bell won't take it, I believe if you open a stakeholder pension (Standard Life?), they have to accept a transfer. I think someone here said you only need about £20 to open one, but you need to do it before trying to transfer. 

Once transferred, then you could move it on to AJ Bell, or another provider, if the stakeholder isn't flexible enough to do what you want.

Thanks LH, my husband is now looking at that online.  Do you know if my money can be left as cash with Standard life, rather than invested ? 

I have no idea, you probably could, but you would have to check with Standard Life (online for T's & C's?) to be sure.

Ok we'll look into that, thanks again. 

FIREDreamer

Sheba42 said:

p00hsticks said:

Brie said:

A DB pension should send you a annual or biennial statement that outlines what you might be entitled to at retirement.  

I'm not sure that that's true for DB pensions - I have one now in payment and one still to come and although I got/get updates on how the pension scheme itself is doing (i.e. is it overfunded, underfunded, total funds currently coming in and going out, expected liabilities) I haven't had a statement personal to me in particular since the one I was sent on leaving the company, and was under the impression that I shouldn't expect to receive another until close to the Normal Retirement Age.

I've had one every year since I started my job.  Tells me everything except CETV. 

This stops when you leave and the pension becomes deferred.

Sheba42

dunstonh said:

Realistically, what could I do with 2k per year? 

In 10 years time it could be closer to £3.5k a year.

It makes much more sense to me to take 28k now rather than wait for such a tiny amount that I may not even live to see anyway.  Half of us get cancer now too.  

Nothing you have said so far suggests it makes any sense.   The figures stack up to taking the income being best.

That still makes sense to me. I don't receive that money until I'm 67.  Even if I lived to age 77,  I probably still wouldn't get 28k over the course of those 10 years. If I even lived that long !!

My pension currently sits at 900 per year, so why would I wait,  when I can access 28k right now, while I'm fit and healthy enough to use and enjoy it.  

It seems madness to me why anyone would risk waiting for that money.