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Deferred pension with annual CPI increases - any reason not to take now?
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Marcon said:DRS1 said:She is a deferred pensioner. If she has a GMP isn't someone going to come along soon and say she has no choice but to take the pension (or at least the GMP element) at 60?
Can I be forced to take my Pension — MoneySavingExpert Forum
I believe keeping bank details quiet is the way the OP on that thread is going to go.0 -
xylophone said:Was your wife a member of the scheme between 6.4.78 and 5.4. 97?
If so, her statement of benefits on leaving service should show pre 88 GMP/post 88 GMP and excess.
What is shown in the scheme guide on increase in payment of revalued GMP for female post age 60?
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The Retirement Options document also confirmed that a Tax-free cash sum of £14,196 was available, which equates to roughly 25% of the transfer value (£56,700).
Transfer values move around quite a lot so at another time that £14K could have been a different %. They were much higher three years ago.
Our instinct is to take the full 25% TFLS and pension from May, rather than deferring or transferring out (e.g. into a flexible drawdown scheme).
In fact transferring out of a DB scheme to a DC scheme is fraught with difficulties, expensive and normally not the best option for most people. Many threads on this forum about it.1 -
https://gmp.pensionline.bp.com/media/Pensioner BP Section –%20consultation%20booklet%20(GMP%20has%20been%20rectified).pdf
https://gmp.pensionline.bp.com/media/BP consultation response.pdf
https://gmp.pensionline.bp.com/media/BP deferred (Burmah Castrol) diagram.pdf
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You still have the option to put that TFLS into an ISA
Or presumably pay some back into a current workplace pension, Sipp or PP and get the tax relief (equal to ~6.25% instantly at the moment for a basic rate taxpayer).
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