Access to Defined Benefits Pension

german_keeper

Civil Service Pensions don't automatically issue ABS to deferred members but will supply 1 per annum free of charge, only if requested.

Sheba42

Marcon said:

dunstonh said:

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 !!

At 65, it won't be £2k you will get.  That figure will be increased between now and then.    Then it increases in each year of payment.  It will just keep going up and up.

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

Because you are basing it on a level figure that wont increase.   Whereas in reality, that annual income increases.
You are also being very pessimistic about life expectancy.     That is a common mistake. So, you are not alone but when you combine all those things, it is leading you down the wrong financial path.

You are going to have other spending needs in your retirement years.  A state pension alone won't cover them.  Your future self is likely to look back and regret what you did.

Don't confuse OP with the facts....they've already made up their mind.

I have the facts on the table in front of me. I'm excellent with money, it's one of the few talents I have and most definitely the one I'm best at.  

I couldn't count the number of people I know who haven't lived long enough to benefit from this long awaited pension. It's definitely many hundreds when I look back.  Not to mention the failing health that made it impossible to enjoy that money, even if they did live to 75-80. It's all downhill from 70, believe me.
Ask people over 70 what they regret and they'll tell you that they wish they had done all the things they wanted to do much sooner. 

Strokes, heart attacks, arthritis and many other chronic illnesses are very real and like I mentioned, almost  half of us will get cancer. You can listen to a FA who will tell how to maximise your money to your best potential, for your so called "golden years"  or you can decide to enjoy that money while you're young enough. Each to their own. 

I've seen enough to know what I want to do and nothing would change my mind,  as my eyes are wide open to what those golden years are like in reality, not on a sheet of paper.  

So trust me, I know the facts and ignorance is not something I allow in my life, I make informed decisions .....always.  

I just need to find out how to get my hands on that money now 😁👍

Sarahspangles

Cobbler_tone said:

I think the OP said they were 59 and quoted a pension of £900 PA on £28k.
They would be looking at the age of 81 (with 2.5% PA applied - depends on their scheme) before getting this amount back.

TBF if I had other plans in place and someone offered me £75 per month for life vs £28k to do something tangible I'd probably take it.

I think they want the kitchen now  

LGPS is CPI.  Usually less than 2.5% but I know I was grateful of the index linking in the recent year it was 8.6%

There is also spouse's pension to take into account.

artyboy

On behalf of all the taxpayers, thank you OP for cashing out early... and may you have a long and happy retirement!

Sheba42

Secret2ndAccount said:

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

You asked on a forum populated by pension experts. What answer would you expect to get?  If you went to a forum populated by kitchen salesmen I'm sure you would get an opposite point of view. It boils down to whether you want to get your financial advice from kitchen salesmen or pension experts...

No,  in my world it boils down to life experience and common sense.  I came here to ask how to access my pension and cash it in, not keep it going.  

Sheba42

Cobbler_tone said:

I think the OP said they were 59 and quoted a pension of £900 PA on £28k.
They would be looking at the age of 81 (with 2.5% PA applied - depends on their scheme) before getting this amount back.

TBF if I had other plans in place and someone offered me £75 per month for life vs £28k to do something tangible I'd probably take it.

I think they want the kitchen now  

Thank you Cobbler, that's exactly what I'm going to do. Just need to decide on colour schemes now 😁👍

xylophone

If you have decided that you want to transfer the pension, why not just make an initial enquiry with eg  HL or AJ Bell  as to if they will accept the transfer and if so how to proceed?

Have you and your spouse obtained state pension forecasts?

https://www.gov.uk/check-state-pension

Do you have any other pensions?

Presumably your spouse has a pension/pensions?

What provision do they make for a widow?

Silvertabby

Sarahspangles said:

Cobbler_tone said:

I think the OP said they were 59 and quoted a pension of £900 PA on £28k.
They would be looking at the age of 81 (with 2.5% PA applied - depends on their scheme) before getting this amount back.

TBF if I had other plans in place and someone offered me £75 per month for life vs £28k to do something tangible I'd probably take it.

I think they want the kitchen now  

LGPS is RPI.  Usually less than 2.5% but I know I was grateful of the index linking in the recent year it was 8.6%

There is also spouse's pension to take into account.

CPI             .

Sarahspangles

Silvertabby said:

Sarahspangles said:

Cobbler_tone said:

I think the OP said they were 59 and quoted a pension of £900 PA on £28k.
They would be looking at the age of 81 (with 2.5% PA applied - depends on their scheme) before getting this amount back.

TBF if I had other plans in place and someone offered me £75 per month for life vs £28k to do something tangible I'd probably take it.

I think they want the kitchen now  

LGPS is RPI.  Usually less than 2.5% but I know I was grateful of the index linking in the recent year it was 8.6%

There is also spouse's pension to take into account.

CPI             .

Thanks I'll change that (more proof I need to retire!)

german_keeper

german_keeper said:

Civil Service Pensions don't automatically issue ABS to deferred members but will supply 1 per annum free of charge, only if requested.

This might be a load of nonsense nowadays due to the online portal. There are 2 sections in there, 1 called ABS and another Deferred Benefits. All relevant info is probably on there.

The process above was from 2015 to 2019 when I was a deferred member.