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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4550
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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I have a deferred pension with Aer Lingus. I am now 60

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I have a deferred pension with Aer Lingus. I am now 60 years of age and could do with some money from my pension scheam. I was a UK based employee and therefore I would like to know if I can take money from my pension under the new pension laws?
I have previously asked Aer Lingus if I could transfer my pension but was informed that I would not be able to transfer any of my money to a different pension. This was before the problems with the Aer Lingus pension scheam had been resolved.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

I am afraid what Aer Lingus said is correct. Let me explain.

There are certain things that you cannot do even with the new legislation and this is one of them. There are certain pitfall to this. When you want to transfer a final salary pension, you need to ask for a transfer value from your scheme provider. These can often be up to 40% less than the total value of your retirement savings, so you would be giving up potentially hundreds of thousands of pounds in pension benefits, plus the security of inflation protection.

So there are chances, that even if your pension rules permits a transfer, you will end up losing a significant part of that.

I am sure this would help. I wish you good luck.

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