Pensions

madwayne

Approaching 55.

in April 2028 the age for taking a private pension rises to 57?

I am 55 just after this cut off(a tad annoyed if that’s the case.)

I have :-
Final Salary 1
Final Salary 2
Direct contribution salary 1.

Approximately 7 years in each.

Now I believe the final salary are saying I can take from 55, how do I check that I can draw at 55 or 57???

Waiting for some numbers.
both final salary pensions were taken out pre 2000s.

I am thinking as the state pension isn’t taxed, but everything over is going to be, I might be better taking my final salary pensions early if possible, no sure on the direct contribution but can check that for a value also.

this means a reduction in pay for taking early.
but the amount if less than 22% lower  then I will actually get more of the pension.

I am in a position where I can reduce or increase work as required so I can be below the tax threshold or above it. Not sure how it affects national insurance contributions mind.

my state pension is currently uptodate and full.

Where can I get free impartial advice, as converting final salary to something else sounds risky.

itsthelittlethings

Everything is taxed, you just get the benefit of the tax free allowance so the state pension kind of isn't.

xylophone

Have you checked your state pension forecast?

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

I am thinking as the state pension isn’t taxed,

The SP is taxable income but it is paid gross.

https://www.litrg.org.uk/pensions/state-pension/tax-state-pension/how-tax-collected-state-pension

With regard to your DB pensions and transfer out 

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-transfers-consolidation/transferring-your-defined-benefit-pension

Re pension age see

https://techzone.aberdeenadviser.com/public/pensions/Tech-guide-pension-age

Do you have a protected pension age in your schemes?

Re advice, you could try

 https://adviserbook.co.uk/

Tick "confirmed independent" and other options required.

Marcon

madwayne said:

Approaching 55.

in April 2028 the age for taking a private pension rises to 57?

I am 55 just after this cut off(a tad annoyed if that’s the case.)

Given that pensions are designed to provide you with an income in later life, why is that such a big deal? What you withdraw and spend now limits what you'll have in the future - and your costs could actually be greater as you get older, not lower.

madwayne said:

Now I believe the final salary are saying I can take from 55, how do I check that I can draw at 55 or 57???

You ask each of the scheme administrators if you have something known as a 'protected pension age' for the scheme in question.

madwayne said:

Where can I get free impartial advice, as converting final salary to something else sounds risky.

You can't and it is - hugely risky, for both you and the advisor! Expect to pay upwards of £5K for the requisite advice, assuming your transfer value is £30K or more.

Albermarle

Where can I get free impartial advice,

In the world of personal finance, only a qualified financial advisor can give you personal financial advice. You can probably guess this is not free.
Anything else you hear ( for free) could be at best good general guidance/pointers. At worst could be a lot of old baloney.


 as converting final salary to something else sounds risky.

Of course it is risky converting away from a guaranteed income. 
A couple of years ago, DB schemes were offering very attractive transfer values, which could be tempting.
However these have now reduced considerably.