Unqualified right to pension

muswellblue

My 55th birthday is February 2028, a couple of months before the pension age changes from 55 to 57. 

I was under the impression I would be able to get my pension as my birthday was just before the cut off. 

But further reading today that doesn’t seem to be the case. I’ve read that all schemes are different, to be able to get it at 55 I would need to have an unqualified right to take my pension before 57. If I was able to take my pension at 55 and it didn’t need the trustees consent does that mean I have an unqualified right? 

Sorry I’m a bit vague on all this as I only found this out today. 

FIREDreamer

Should be able to take your pension at 55 if you get the forms in quick enough!

squirrelpie

Is this a DC (defined contribution) or DB (defined benefit) scheme?

muswellblue

squirrelpie said:

Is this a DC (defined contribution) or DB (defined benefit) scheme?

I have 2 pensions, one of each. 

Grumpy_chap

There have been previous threads on this matter.
The situation is unclear.
Some suggestions that have been made:
- start drawing at 55 and can carry on drawing.
- start drawing at 55 but will then have to stop and wait until 57.
- need to wait until 57.

There does not seem to be any guidance thus far.
One hopes that the Government will provide clarification / guidance within appropriate time.

QrizB

FIREDreamer said:

Should be able to take your pension at 55 if you get the forms in quick enough!

Yes, I've not checked the latest guidance but when they announced the change it was generally understood that if you started claiming your pension before the cut-off date, you would be able to carry on.

See eg. this:

If benefits are in payment for a client aged 55, they will not then have to stop on 6 April 2028 until the client reaches age 57 and can instead continue in payment.

From here:

https://www.quilter.com/help-and-support/technical-insights/technical-insights-articles/normal-minimum-pension-age-changes/

LHW99

May well be that DC and DB pensions will operate differently (they are different beasts anyway) but it doesn't seem like anything has been confirmed.

Marcon

muswellblue said:

My 55th birthday is February 2028, a couple of months before the pension age changes from 55 to 57. 

I was under the impression I would be able to get my pension as my birthday was just before the cut off. 

But further reading today that doesn’t seem to be the case. I’ve read that all schemes are different, to be able to get it at 55 I would need to have an unqualified right to take my pension before 57. If I was able to take my pension at 55 and it didn’t need the trustees consent does that mean I have an unqualified right? 

Sorry I’m a bit vague on all this as I only found this out today. 

No. An 'unqualified right' means you don't need anyone's consent, not just the trustees (you could, for example, need employer consent).

Not sure what you've been reading - please could you post the link? It's true that all schemes are different, but that doesn't mean you necessarily need to have an unqualified right. You could, for example, have been given consent to take your DB scheme wef from your 55th birthday...

Grumpy_chap

QrizB said:

FIREDreamer said:

Should be able to take your pension at 55 if you get the forms in quick enough!

Yes, I've not checked the latest guidance but when they announced the change it was generally understood that if you started claiming your pension before the cut-off date, you would be able to carry on.

See eg. this:

If benefits are in payment for a client aged 55, they will not then have to stop on 6 April 2028 until the client reaches age 57 and can instead continue in payment.

From here:

https://www.quilter.com/help-and-support/technical-insights/technical-insights-articles/normal-minimum-pension-age-changes/

Based on previous threads, that guidance is not consistent.  
There does not seem to be any overriding guidance from the Government.  That is what is needed.
This is too big for different pensions to interpret in different ways.

muswellblue

Marcon said:

muswellblue said:

My 55th birthday is February 2028, a couple of months before the pension age changes from 55 to 57. 

I was under the impression I would be able to get my pension as my birthday was just before the cut off. 

But further reading today that doesn’t seem to be the case. I’ve read that all schemes are different, to be able to get it at 55 I would need to have an unqualified right to take my pension before 57. If I was able to take my pension at 55 and it didn’t need the trustees consent does that mean I have an unqualified right? 

Sorry I’m a bit vague on all this as I only found this out today. 

No. An 'unqualified right' means you don't need anyone's consent, not just the trustees (you could, for example, need employer consent).

Not sure what you've been reading - please could you post the link? It's true that all schemes are different, but that doesn't mean you necessarily need to have an unqualified right. You could, for example, have been given consent to take your DB scheme wef from your 55th birthday...

I was looking at various websites. One website was wtwco.com - article ‘labours pension plan for the uk: what could change?’ (Sorry haven’t worked out how to link yet). 

Tommyjw

If you have a DB pensions it's incredibly unlikely your Scheme rules have age 55 as an automatic right. Like, I'm sure back when this was all first looked into our administration company had like a 1 in 100 scheme estimate.

People may think they have it, but what it usually is is discretion agreed by the Trustee and employer to not have to give blanket consent, but it's a discretionary allowance against the rules saying you need consent, and that's ultimately what determines it