Clueless!

sam111a

Hello

I come at this as someone who knows next to nothing about pensions. I had a contribution based pension with a firm, from my employment with them between 1996-2004.

I am wondering if I can remove a 'small pot' but I can't get a response from the company as to how much is in the fund.

All I know is the below. Which I have accessed from the firm's pension portal:

"Benefits at Date of Leaving

Your benefits at your date of leaving the scheme are outlined below. These figures are based on your pensionable salary and pensionable service at the date of leaving the scheme.

Please note that the estimated figures below do not include any benefits you may receive from any money purchase AVCs at retirement. You should refer to your latest annual benefit statement for details of your AVC fund value.

Your annual pension at date leaving the scheme:

£4,078.78

Benefits at Retirement

Your deferred pension within the Scheme will be revalued in line with Scheme rules"

I have been unable to work for a number of years, due to a long term health condition. I am currently 51 years of age. 

Could I withdraw funds from this pension? 

How much would I likely be able to take based on the figure above?

Any help MOST welcome. 

Thank you! 

Dazed_and_C0nfused

That looks like a defined benefit pension, not a defined contribution (pot of money) pension.

So unless you want to transfer it to a DC pension there is no money for you to drawdown.  When you are 57, not possible at 51.

Marcon

sam111a said:

Hello

I come at this as someone who knows next to nothing about pensions. I had a contribution based pension with a firm, from my employment with them between 1996-2004.

I am wondering if I can remove a 'small pot' but I can't get a response from the company as to how much is in the fund.

All I know is the below. Which I have accessed from the firm's pension portal:

"Benefits at Date of Leaving

Your benefits at your date of leaving the scheme are outlined below. These figures are based on your pensionable salary and pensionable service at the date of leaving the scheme.

Please note that the estimated figures below do not include any benefits you may receive from any money purchase AVCs at retirement. You should refer to your latest annual benefit statement for details of your AVC fund value.

Your annual pension at date leaving the scheme:

£4,078.78

Benefits at Retirement

Your deferred pension within the Scheme will be revalued in line with Scheme rules"

I have been unable to work for a number of years, due to a long term health condition. I am currently 51 years of age. 

Could I withdraw funds from this pension? 

How much would I likely be able to take based on the figure above?

Any help MOST welcome. 

Thank you! 

You may be able to draw your pension early (i.e. now) if you meet the requirements for 'ill health early retirement' - the normal minimum age at which people can access their pension doesn't apply in cases of ill health. You would need to provide written medical evidence from a registered medical practitioner to support any such application.

It's a defined benefit (DB) pension, so the only people who could give you any information about whether you might qualify for ill health early retirement, the requirements to qualify, and the amount of pension/tax free lump sum available if you apply and are granted ill health early retirement, would be those who administer the scheme on a day to day basis.

Silvertabby

sam111a said:

Hello

I come at this as someone who knows next to nothing about pensions. I had a contribution based pension with a firm, from my employment with them between 1996-2004.

I am wondering if I can remove a 'small pot' but I can't get a response from the company as to how much is in the fund.

All I know is the below. Which I have accessed from the firm's pension portal:

"Benefits at Date of Leaving

Your benefits at your date of leaving the scheme are outlined below. These figures are based on your pensionable salary and pensionable service at the date of leaving the scheme.

Please note that the estimated figures below do not include any benefits you may receive from any money purchase AVCs at retirement. You should refer to your latest annual benefit statement for details of your AVC fund value.

Your annual pension at date leaving the scheme:

£4,078.78

Benefits at Retirement

Your deferred pension within the Scheme will be revalued in line with Scheme rules"

I have been unable to work for a number of years, due to a long term health condition. I am currently 51 years of age. 

Could I withdraw funds from this pension? 

How much would I likely be able to take based on the figure above?

Any help MOST welcome. 

Thank you! 

This is a Defined Benefit/Final Salary scheme.   The £4,078.78 quoted as at your date of leaving is your annual pension, not the total value of your benefits, and so is way over the small pot £10K limit.

What are your scheme rules regarding early access due to ill health?  Or, if you prefer, post the name of your pension provider (no need to keep that secret - just don't show images of any documents that show your personal details) and we'll have a look for you.