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Can I keep my protected retirement age if I transfer my pension
camelopardis
Posts: 77 Forumite
I've taken early retirement at aged 50 and am not currently drawing any pension. I have a final salary pension I plan to take at 60, but also have a defined contribution scheme pension with HP that I would like to start. I have a protected retirement age with this scheme of 50, but they dont offer drawdown - you have to transfer the pension if you want to drawdown. However, if I transfer, do I then lose my protected age of 50, meaning I'd have to wait until 55?
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Comments
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Yes, the protected retirement age is with the scheme not the money, transfer it and you lose that protection.0
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Unless you can arrange it as a block transfer you will lose protection - see this link for more detail http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP05480
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thanks for replies. The block transfer rule is interesting but how would one go about finding a "buddy" to pair up with?0
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how would one go about finding a "buddy" to pair up with?
Sounds like an internet dating site.:eek:
Is there an opportunity here for an enterprising entrepreneur to start up PPA buddy.com?:D
Do you have friends/acquaintances in the (HP?) scheme who are of the same mind?0 -
Just a quick update on this one in case its of use to anyone. My HP Pension scheme closed and all assets were moved to Zurich. As the move was via block transfer, my protected retirement age of 50 went with it. Zurich offer flexi-drawdown - result! They have now confirmed I can start drawing this year (I'm 52)0
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Block transfers allow it. Individual transfers dont. Seems you got lucky on that one.
What is also lucky is that the protected age is on the bulk transfer plan. It is the plan that is important. Not the provider. Whilst Zurich have a plan that offers drawdown, block transfers do not typically go into a plan that does. So, you got lucky there again. May be worth you playing the lottery this week with that luck.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
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