Private pension plan

[chil]

When leaving a company 15 years ago I used the pension from them to buy a private pension that would pay out when I am 65,in 6years time. I am not paying into this pension as I joined a scheme at my new company. My health is now not good and I am thinking about retireing early. Is there a way that I could get the private pension out early without losing too much money.

[buildersmate]

You need to ask the scheme provider, not AB, because different rules apply to different schemes from different providers.
Since you input the money into this scheme 15 years ago, the Government has changed many of the rules about retirement age. Scheme providers then changed many of their rules. One of the rules related to the age at which you draw down a private pension - which was changed to minimum age 50. You may well find, therefore, that you can draw the pension early, but you need to check the details and implications. You obviously won't get as much per month doing this as if you were to retire at your normal age of retirement.

[catmando]

I agree with Buildersmate. It all depends on the rules of the scheme into which you paid when you left your former company scheme 15 years ago, modified by any relevant changes in legislation since then. Only way to find out is to ask. This will not commit you to accept what is offered. It is almost certain, however, if the early drawing of benefits is allowed, you will be penalised if you do take them early. The reduction should be fair though, ie cost neutral.. a smaller pension paid for longer should equate to a larger pension paid for fewer years, as calculated by the actuary. The small print will rule though.

[chil]

Thanks for that. I knew that I would have to contact them but was wondering if it was possible. It seems it may be so I will sort it out now. I might as well get something out of it. Chil