Pension newbee ... a couple of questions?

Sunflower001

Hi, hope you can help, Im new to all this pension stuff!! I have a pension maturing next year and would like to defer it for say another 5 years, do you know if I will get the offer of a cash lump sum again if I Defer my pension this time? It says that I can defer up to the age of 75 so pressume after this time, it will be paid on a monthly basis, not as a cash lump. Also, can I have this paid into a bank account in the EU direct? Thanks:beer:

Loughton_Monkey

The option of taking a 25% cash free lump sum is a legal right. The only reason why you would be unable to take it at any future time would be a change to the legislation.

dzug1

Sunflower001 wrote: »

Hi, hope you can help, Im new to all this pension stuff!! I have a pension maturing next year and would like to defer it for say another 5 years, do you know if I will get the offer of a cash lump sum again if I Defer my pension this time? It says that I can defer up to the age of 75 so pressume after this time, it will be paid on a monthly basis, not as a cash lump. Also, can I have this paid into a bank account in the EU direct? Thanks:beer:

The lump sum can be taken ONCE. The timing is up to you. At 75 you must take the lump sum if you want it.

Whether it can be paid into an EU bank account depends on whether the payer is willing to do so.

Loughton_Monkey

I note that szug1 has assumed you have already taken a lump sum, but deferred the pension element.

I had assumed that you have deferred the whole thing. But if he's right, then I agree you can only take the lump sum once.