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GMP in NPI section 32 - Exit or not?
dooda
Posts: 2 Newbie
I have an NPI section 32 pension with a GMP of £7223 (which seems to have been calculated from GMP value at transfer plus 7% compound) and no GAR visible in the schedule etc.
I was planning to buy my annuity on the open market at normal retirement age in 2 years' time, but having read many of the excellent posts here, think I may be stuck with buying the GMP from NPI unless beforehand I move the pension to a company with better annuity rates. Is this the case?
My last annual statement gave a transfer value of £193k which is only a £5k penalty, so I assume that the GMP portion does not have to be left with NPI. Even if it did, I might be better off moving the rest, I suppose.
Regards Dooda
I was planning to buy my annuity on the open market at normal retirement age in 2 years' time, but having read many of the excellent posts here, think I may be stuck with buying the GMP from NPI unless beforehand I move the pension to a company with better annuity rates. Is this the case?
My last annual statement gave a transfer value of £193k which is only a £5k penalty, so I assume that the GMP portion does not have to be left with NPI. Even if it did, I might be better off moving the rest, I suppose.
Regards Dooda
0
Comments
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What is the tax free cash position?Trying to keep it simple...
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I assume it's the usual 25% - not seen anything to the contrary in the documentation.0
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I would suggest you need a lot more info about this pension before disturbing it.Trying to keep it simple...0
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