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Nmpa pension transfer
olb81
Posts: 118 Forumite
Hi
I requested a transfer from scottish widows to nest, but they have asked me if I am happy to lose the nmpa which means I can get the money at 55 instead of 57.
Is it worth leaving it to keep the 55 age ?
I requested a transfer from scottish widows to nest, but they have asked me if I am happy to lose the nmpa which means I can get the money at 55 instead of 57.
Is it worth leaving it to keep the 55 age ?
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Comments
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Surely only you can answer that?
Some people get quite indignant about the fact they may have to wait two extra years for their pension but others probably don't plan to draw their pension until they are 90 so don't care two hoots.0 -
It depends on when you planned to start drawing money from the pension but be aware if you lose the protected access age the government may push back the NMPA to an even older age in future. I doubt they would push back protected ages. The treasury had announced an intent to keep it 10 years before SP age which might keep going up.0
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Are you planning to access the funds at age 55? If not, and you think NEST is a better option than SW, then 'losing' the right to access the funds at age 55 probably doesn't much matter to you.olb81 said:Hi
I requested a transfer from scottish widows to nest, but they have asked me if I am happy to lose the nmpa which means I can get the money at 55 instead of 57.
Is it worth leaving it to keep the 55 age ?Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
I have no idea yet when I want to take any money out!0
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Is it worth leaving it to keep the 55 age ?Some providers will accept the NMPA and continue it on the new plan. I doubt Nest do though. There is a good chance that the SW pension is the better option.
As mentioned above, whether it is important to you or not depends on your objectives.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
olb81 said:I have no idea yet when I want to take any money out!How old are you now? You don't need to be precise, just something like "mid twenties" ot "late fifties".What benefit do you expect to get from the transfer?N. Hampshire, he/him. Octopus Intelligent Go elec & Tracker gas / Vodafone BB / iD mobile. Kirk Hill Co-op member.Ofgem cap table, Ofgem cap explainer. Economy 7 cap explainer. Gas vs E7 vs peak elec heating costs, Best kettle!
2.72kWp PV facing SSW installed Jan 2012. 11 x 247w panels, 3.6kw inverter. 35 MWh generated, long-term average 2.6 Os.0 -
Doesn't that make it rather hard to decide whether or not the MPA is important to you...?olb81 said:I have no idea yet when I want to take any money out!Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
I think I'll leave it as it is be nice to successfully some early0
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