Re: Pension Funds

[davidmarsden]

folowing an accident after 22 years in the power industry,i and took ill health retirement.i reach 65 years old in 18 months. at 65 do i have to stay with my company pension scheme or can i look to transfer it to another
provider.i must also say that my current pension is index linked so i do get a rise every year.

[Old_Geezer]

Whilst I do not know I await an answer with interest. When I enquired about pensions with my employer's pension management I was told they would supply the weekly payment, I'd just be entitled to a proportion in cash should I want it. This was confusing since we hear so much about getting the right annuity these days.

[woofgang]

what are the T and C of your company pension scheme? Some allow a change of provider, some don't.

[woofgang]

Oh, re read, you are already drawing your pension...I think if that is the case then your pension pot has already been converted to an annuity and cant be swapped.

[boxtops]

My understanding is that if you took early pension when you retired due to ill health, you're already drawing the pension? - if so, you can't change it now, IMO, since your fund is already being utilised. I don't think you're becoming 65 will make any difference.

Can you find a better deal by moving it? Bear in mind there would probably be set-up costs if you moved your remaining fund elsewhere (if you are allowed to).

[factor-fiction]

Even if you could transfer I can't see you getting a better deal than the present one unless it's not an earnings related pension