How much will pension be worth annually

If you're over 50 you certainly should have the option to take "early retirement" now (to access some of the funds now), as you are no longer in the employment of the bank. A standard Leaving Service Options letter won't always mention the early retirement option as they probably use the same text for any leavers, including those under 50. But it should mention the possibility of early retirement after age 50. Anyway, I hate to say it but you'll need to go back to them to ask for Early Retirement options.

By the way, I tend to be reluctant to advise people to take early retirement options other than as a last resort. Fundamentally, this pension is supposed to be to provide you with money for when you've actually retired so accessing some of it now means less available when you retire. But I don't know your circumstances so maybe you have good reasons to access some of it now.

Regards,

Liam
www.ferga.com
 
When i availed of the voluntary severance others that worked with me got early retirement because they were over 55 i think it was, that wasn't an option for me at the time. I have just turned 50 this year . I will go back to them and ask them about the Early Retirement options. I just need a few euros out to tide me over on something rather than borrowing.
 
Just an update got email back there from my pension company to say "There are no early retirements permitted from the scheme at present, I'm afraid.

Sooty
 
sooty said:
Just an update got email back there from my pension company to say "There are no early retirements permitted from the scheme at present, I'm afraid.

Sooty
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That's an unusual position for a DC scheme. It's more common for DB schemes to restrict early retirements. If you want to take early retirement, you'll have to go the long way - transfer into a private policy first and then take early retirement from it.
 
sooty said:
I was in a DB scheme so looks like its not an option.
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I see. I saw reference to a DC scheme earlier in this thread but in fairness, that was from other posters. If it's DB then you have to compare the transfer value you would get if you choose to transfer to a private policy now, with the deferred pension you would get if you leave it to 63. Then decide if you're forfeiting too much by taking it now. It's common that the transfer value offered by a DB scheme is poor value. So even though you theoretically could transfer out to a private policy now and then retire that, it would probably end up being a bad idea compared with waiting for a deferred pension. You or your adviser would need to compare the cost of taking a transfer value now with the cost of borrowing the funds you need.
 
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