El Cid Posted August 18, 2016 Author Share Posted August 18, 2016 Just found my old pension booklet. For my private pension, it states that my retirement age relates to my employment. So I could claim my private pension at the age of 50 if I was a deep sea diver, but at 70 if that is when I retired from work. I thought the whole benefit of a private pension was that you could cash it in when ever you wanted, after age 50? Link to comment Share on other sites More sharing options...
truman Posted August 18, 2016 Share Posted August 18, 2016 Just found my old pension booklet. For my private pension, it states that my retirement age relates to my employment. So I could claim my private pension at the age of 50 if I was a deep sea diver, but at 70 if that is when I retired from work. I thought the whole benefit of a private pension was that you could cash it in when ever you wanted, after age 50? Is it a defined contribution pension or a defined benefits pension? Link to comment Share on other sites More sharing options...
El Cid Posted August 18, 2016 Author Share Posted August 18, 2016 Is it a defined contribution pension or a defined benefits pension? It says its a with profits personal pension, I would think that means 'defined contribution'. Link to comment Share on other sites More sharing options...
Dozer Posted August 18, 2016 Share Posted August 18, 2016 El Cid, Not sure if this is exactly your question, but there's a simple rule of thumb about how much you should have saved by what age. This is a screen shot from Fidelity Investments: https://snag.gy/2Eznke.jpg The reality is probably more complex than this but it's easy to get lost in the complexities. Hope this helps. Link to comment Share on other sites More sharing options...
El Cid Posted August 22, 2016 Author Share Posted August 22, 2016 I have just phoned my pension company and I can draw my SERP+private pension at the age of 55. So that is very good news. Link to comment Share on other sites More sharing options...
Cyclone Posted August 22, 2016 Share Posted August 22, 2016 Did they explain that you'll get less/year by choosing to draw it early? Link to comment Share on other sites More sharing options...
El Cid Posted August 22, 2016 Author Share Posted August 22, 2016 Did they explain that you'll get less/year by choosing to draw it early? I didnt go into detail. My preferred option would be to just use the pension to show that I will be able to pay any mortgage in the future. I did message a IFA but he hasnt got back to me. ---------- Post added 03-09-2016 at 21:30 ---------- I have spoken to a IFA and he didnt give any hope of using my £39k pension as a guarantor. He aid I would be able to borrow £50k ish on my income. What I am now hoping to do is just cash in £10-£15k deposit from my pension and leave the rest in. I will need to see if that is possible. That will solve my problem. Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now