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What exactly does 'Made paid up' mean please.
Chrissy57
Posts: 4 Newbie
Hi, Could someone tell me what it means when a pension plan has been 'made paid up' please. Thankyou.
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Comments
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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).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Hi,
Thankyou very much for your help, gratefully appreciated.0
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