GMP as non-resident

ADP100

I am approaching 55 so decided to check all our pensions to ensure I know what I have. I am getting a bit confused by my UK pension and would really appreciate some clarification.

I worked for Credit Suisse 02/1994-07/1997 and this is a ‘Contracted in money purchase plan’.

Credit Suisse say that I can access my pension at 55 but part of it is GMP and the only option CS offer is for an annuity to be purchased. As I am a non UK resident an annuity seems to not be possible. Therefore, I spoke to Fidelity (who manage the plan) and they suggested a transfer out would be the only option to access my money – so I am looking into an International SIPP.

I got a transfer out CETV and this provided the following figures:

Transfer value of your GMP   21,107

Pre97 excess over GMP           8,050

Post 97 Value                                 2,215

Contracted out Benefits of post 1988 GMP £1,547.

As the GMP part is under £30,000 I do not have to use an FCA which is good.

As there are lots of fees and paperwork to do a transfer, I would much rather just leave it in and take it out when I am 60 as GMP annual pension but sadly Fidelity do not seem to be able to offer that if I am non-resident. Therefore, I have some questions.

1)      One question is will the GMP part ever get to more than £30,000? If so then I would be wise to move it before I may need to pay an FCA. I have done various calculations and I believe it is unlikely but am not quite confident about my knowledge of GMP. If not, then I am happy to leave it till later in case there are any rule changes to enable me to take it out more easily.

2)      As my plan is invested in funds (I can see it online) does this have any bearing on the GMP part or just the non-GMP?

3)      Does anyone have any experience of whether the GMP part could be taken as a non-resident? Then I could leave the other parts in to transfer later.

Sorry as I said I have read every website and post I can find but am still confused. Fidelity have been helpful but I have to wait 40 mins on the phone before I can speak to someone so I prefer to have more information before I call again..

Thanks in advance for any assistance.

A

 

xylophone

 ‘Contracted in money purchase plan’.

Contracted OUT money purchase plan? 

Or even a Contracted Out Mixed Benefit Plan ?

https://techzone.aberdeenadviser.com/public/pensions/Tech-guide-contracting-out#:~:text=Contracted out money purchase (COMP),-This is a&text=As COMPs were classed as,being in contracted out employment.

xylophone

https://www.mycspensionplace.co.uk

Is yours a hybrid scheme?

ADP100

Hello

Yes the letter from Fidelity states: Plan Information - Contracted In Money Purchase Plan.

Thanks for the link - there is a lot more information on the site than when I checked it last year - must be lots of people asking them. They have not specifically stated on the phone or in the paperwork that it is a hybrid scheme but it seems more likely.

They suggest that part can be taken as a cash lump sum on their site so I will have to call Fidelity again to get clarification as my online account with them states only an annuity - it would make it much easier for me.

Thanks

A