Review of Personal Pensions helps (SERPS)

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
1 reply 1.7K views
LallyLally Forumite
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Help on behalf of my Dad please. And apologies in advance if I get any facts or terminology wrong.

My Dad had his Pension Review case upheld, a loss test was performed by Lincoln and he now receives his annuity from them, and an additional sum every month as redress.

He is 63 at the moment. I was waiting until he was 65 to enquire about the Protected Rights element, but on looking for something else through my paperwork today, I found a letter from Lincoln which says he could take it from 60. Is this correct?

If so, should I write to them asking for figures on what he would get every month? And if we go ahead, then ask for a loss test?

And can anyone tell me about the last 3 years....will he get any payments backdated, or would his fund have grown in this time?

Many thanks! :money:

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  • dunstonhdunstonh Forumite
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    I found a letter from Lincoln which says he could take it from 60. Is this correct?

    Originally yes. Although its 55 now.
    If so, should I write to them asking for figures on what he would get every month? And if we go ahead, then ask for a loss test?

    You could do. Although taking it early may turn the complaint into a rejection. One of the benefits of individual pensions was the ability to take when you wanted. If the complaint was written on the basis of not wanting to take early but you then take it early, it could be looked at again. It would certainly be factored into any redress calculation.
    And can anyone tell me about the last 3 years....will he get any payments backdated, or would his fund have grown in this time?

    He shouldn't get payments backdated. The choice of when you start is with the policyholder. If you leave it invested (up to age 77 under current legislation) then you get the investment returns instead and an annuity rate based on your age when you do buy an annuity (assuming you choose to buy an annuity).
    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.
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