Releasing a GMP pension pot

Nonna62

I’m having great difficulty releasing a pension pot with a GMP section 32 buyout attached to it. The amount to buy the annuity is less than £30k but I’m still getting told I need financial advice but can find NO ONE willing to do that as they are not covered by their insurance. Do I still need advice even though the safeguarded benefits are below £30k but my pot is larger than £30k.

xylophone

https://assets.publishing.service.gov.uk/media/5a80b577ed915d74e33fbf54/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

https://forums.moneysavingexpert.com/discussion/6026642/understanding-section-32-buyout-options

https://gmppensions.co.uk/section-32-transfers

Getting advice

If you want to transfer a Section 32 which has GMP, and if your fund is over £30,000, then it is a legal requirement to get financial advice. 

It would appear that even though the GMP is covered, as the total transfer value is over £30,000, you are required to take advice.

Presumably you have checked with the insurer administering your policy that this is indeed the case?

IF NOT, YOU SHOULD DO SO.

With regard to an adviser, one with the necessary permissions to conduct transfer business would have the necessary insurance.

You could try

https://adviserbook.co.uk/

Tick "confirmed independent" and "pension transfer" when the menu comes up.

You should be aware however that this advice is not cheap.

You should also be aware that no Pension Scheme (other than a stakeholder scheme) is compelled to accept a transfer.