I am 63 years old, and am in a private pension scheme, where I contribute to a fund, and the company also contributes. I am with scottish widows and my retirement date is 23rd July 2010. The fund has a guaranteed 11% annuity on maturing. If I were to retire a year early , could I leave the fund until then without further contributions and draw the annuity on maturing in july
2010.
If it is a personal pension I don't see why not, but why are you asking us rather than scot wids?
Yes, Revenue rules allow this, no problem. Also, I suspect that you'd have to do this or you would fall foul of some Scot Wids rules for the guaranteed annuity. Often, these guarantees only come into operation if you abide by some restrictions. For example, you might have to have it paid annually in arrears with no guarantees (regarding how long you live for) and with no spouse's pension and no escalation. This may not fit in with your requirements but if you change things, then the guaranteed rate is lost.
But you need to consult SW about all this. They are the ones who know the terms of your pension, not us.
Rob Graham
Or read the policy.
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