Posted November 12th, 2010
This was the terminology given to benefits from a pension credit arising from the pension sharing of contracted out benefits (e.g. State Earnings Related Pensions, aka SERPS or Second State Pension aka S2P).
These were abolished from 6 April 2009 and with this went the restrictions – no lump sum and benefits to be drawn from 60 onwards.
It is now possible to take a pension commencement lump sum and draw benefits from age 55 onwards.
For more information on how to share SERPs or S2P, please contact me.