Deferred Annuity Pension

A question about : Deferred Annuity Pension

I have a 'Deferred Annuity' pension. I thought the new legislation in April would allow full access to my 'pension pot'. This is not the case according to my Pension company. I have tried to understand my policy, but I am having difficulty since I have also read that it may be possible to access my money. Can anyone help?

Best answers:

• Is this by any chance a S32 policy?
  https://www.pruadviser.co.uk/content/...re/section_32/
• No, it isn't a S32. It is a 'Deferred Benefit Occupational' pension.
• OP, did you used to work for a company which provided a Defined Benefits/Final Salary pension scheme?
  At some point, was that scheme bulk transferred into a S32 with an insurance company?
  Or are you referring to a defined contribution occupational pension scheme administered by an insurance company and leaving your pot within the scheme even though you left that employment?
  Could you supply more details?
• Hi, first of all thank you so much for responding. Yes, this pension was a 'final salary' pension. The Assurance Co policy refers to it as a 'Deferred Annuity Policy'. It is not an 'open market' option and the value cannot be used immediately to purchase an annuity. The Scheme was contracted out after 06/04/1997 on a Reference Scheme Test basis.
  I have a letter dated 17 April 2014 which states -Surrender Value Quotation. The surrender value is Ј31,217.25. Another letter from the FAS dated October 2014 states an annual top up payment of Ј766.01 to my annual pension of Ј1,132.58.
  This is not enough to live off. Based on media coverage and experience of the holiday let business and the terminology 'Surrender Value', we assumed we would be able to access my pot for our own self build project. This would yield an annual return of at least Ј6,000.00 plus we would have an asset.
  I hope this helps.
• How old are you?
  You seem to have had a Final Salary Pension Scheme which went into wind up?
  Members' benefits were transferred to an Insurance Company?
  (Bulk transfer to S32 as suggested above?)
  Which Insurance Company was this?
  FAS = Financial Assistance Scheme as here?
  https://www.pensionprotectionfund.org...Pages/Fas.aspx
  https://www.pensionprotectionfund.org...wFASworks.aspx
  At what age are you permitted to take benefits from the pension?
• I am 60 years old, my date of retirement is 2019. I can take reduced benefits now. The company is Prudential who I asked about the S32 and was told by them that it was not.
• I have found this
  https://www.pruadviser.co.uk/content/...195772/106695/
  OP, is this a Bulk Deferred Annuity?
  How did the FAS get involved?
  
  You say that you can take reduced benefits now - reduced by how much and what would the benefits be?
  Would the pension increase in payment? Would it provide any widow's benefits?
  It would seem from the BDA information that benefits can only be taken as a regular pension payment.
  It also appears that a transfer out to another pension arrangement would be allowed.
  If a transfer out was allowed, would the transfer value be in the region of the Ј30000+ to which you refer above?
  If you transferred out, what would happen to the FAS top up?
  If you transferred out and then wanted to take the pension under new rules from Aprl 2015, you would only be able to take 25% tax free with the rest taxed as income?
  You refer to the pension as not being enough to live on - were you expecting this pension to provide enough to live on?
  You become eligible for state pension in 2019?
  See https://www.gov.uk/new-state-pension/overview