What exactly does 'Made paid up' mean please.

Chrissy57

Hi, Could someone tell me what it means when a pension plan has been 'made paid up' please. Thankyou.

dunstonh

Paid up mean that the plan was paid up to a certain a date and not "in force" (payments continuing). Although "in force" nowadays tend to reflect any plan that is still going to provide some benefits rather than the old historic way it was used.

So, if you are paying monthly and you cease payments, it will either lapse (no value) or be made paid up (with a value and/or benefits to be paid out later).

Chrissy57

Hi,
Thankyou very much for your help, gratefully appreciated.