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doody60

doddy60
doddy60 Posts: 2 Newbie
in Pensions, annuities & retirement planning
Hi,I have a comps pension that pays the magnificent sum of approx £43 a month (I'm 60), but a pal who moved to Thailand, informs me that he sold his and received £25000 lump sum, Is it possible to do this here?

Comments

  • ffacoffipawb
    ffacoffipawb Posts: 3,593 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    doddy60 wrote: »
    Hi,I have a comps pension that pays the magnificent sum of approx £43 a month (I'm 60), but a pal who moved to Thailand, informs me that he sold his and received £25000 lump sum, Is it possible to do this here?

    No.

    (Once in payment I don't think it can be commuted on grounds of triviality.)
  • dunstonh
    dunstonh Posts: 120,858 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    (Once in payment I don't think it can be commuted on grounds of triviality.)

    Technically, the rules now allow it to be "undone" and recalculated under triviality but very very few schemes will allow it.
    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.
  • doddy60
    doddy60 Posts: 2 Newbie
    Thanks or taking time out to reply, but I'm still in the dark as to what can be done about it. Iv'e just had another phone call from my pal in Thailand, who apologises,and tells me (after advice) it can only be done if you have emigrated!!.. does that mean that I'm consigned to getting £43 a month instead of a possible lump sum.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    doddy60 wrote: »
    a pal who moved to Thailand, informs me that he sold his and received £25000 lump sum..


    This can't be related to triviality, the amount is too high.Perhaps something to do with QROPS? (Google for info).If so, it only applies overseas.
    Trying to keep it simple...;)
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