Any pension people?

[winchman]

I have a very small deferred LGPS I left in 1989
The pension scheme are now wanting me to take it at 60 as I left before 1989?
Which is pointless as the little it is will be swallowed in taxation
Any one know about these as the stuff I can find is vague?
I have spoken to the provider but they can take up to 3 weeks to reply!

 

[Craig-S]

cant you just transfer it to another provider? I have no idea about this stuff though

 

[addjunkie]

You need to get a copy of the scheme rules, some allow you to delay, others don't.

Also get some genuine independent advice, transfer into another scheme is often possible, but you need to know its beneficial, not an expensive mistake.

 

[Robotstar5]

Transfer the pot into your current pension provider?

 

[winchman]

Transfer the pot into your current pension provider?

Can’t as it’s too near the retirement date. No mention of this date in any of my old documents?

 

[iNf]

If it's a pension that pays out at 60 with no penalties there is little point in not taking it. (unless it will push you into a higher tax bracket)

 

[premmington]

I have no idea or clue on this subject.

But I once told it was a "minefield and watch the management fees"...!

I thought the "management fees were capped" - till I had this converstation....

 

[minimutly]

If it's a pension that pays out at 60 with no penalties there is little point in not taking it. (unless it will push you into a higher tax bracket)

This ^ Even if it does push you into a higher tax bracket, only the amount above the threshold will be taxed at the higher rate. Take it or lose the income from it.

 

[Rannsachair]

I have been involved in the Scottish Local Government Pension Scheme, from memory they are similar.

Normally your pension is actuarially reduced for accessing it before retirement age unless you meet criteria in the scheme such as ill health retirement or we had some exceptional rules such as if your age plus service was over 85 years.

Best clarifying with the scheme what the difference is between access at 60 or your normal retirement age. I find best to speak to one of the pension officers in the scheme.

Good luck