CETV Question

[Mummykins54]

I am 55 in October and the cash equivalent transfer value of my pension is 100k. Would I be able to access 25% of that when I turn 55? I live in Scotland Thanks in advance

Would you want to retire and draw the rest of your pension at 55 too? If so you could take 25% as a tax free cash lump sum. If not, you may be able to take a partial transfer of 25% if the pension scheme allows it but it’s not a statutory right (and I think you would need to get financial advice from an IFA to do this which might be costly).

What do the scheme rules say? And pay attention to how the annual pension might be reduced by any early retirement factors.

If you are considering a transfer out of a defined benefits scheme as a possible way of accessing 25% of the CETV as tax free cash you will be required by law to seek advice from an appropriately qualified financial adviser as the CETV is higher than £30,000.

Thanks folks -I am due to separate and my H would only be entitled to one years worth of this pension as the remainder was before we married. Want to take a lump sum to put a deposit on a house. I would also be entiitled to half of his pension - hes been in a good job for 23 years. He is only 50 so can't claim anything but not sure if I could access it when we separate.

Access to his pension will depend on how you agree that it is to be shared, and that may require a court order.