What is this?

cazziej

Hello, hope somebody can help me with a query.

My husband has been working for the Council for the past 8 years and is in their pension. He has now been on long term sick for nearly 2 years and although he was hoping for ill health early retirement, it looks as though he is going to be dismissed, as his Occupational Health doctor is of the opinion that he could do office work; he definitely could'nt, his back problems (he has a disc impinging on a nerve and general deterioraton of his spine) and cannot sit in any one position for a length of time and constantly has to shift position, and move from sitting to standing, standing to sitting etc. But anyway, I am going off at a tangent - sorry!!

From his previous job, I think he was in some kind of pension scheme which I presume was non-contributatory.

Every year he receive an annual statement, I will give the details on the last one I can put my hand to:

SCOTTISH WIDOWS: PEGASUS EXECUTIVE PENSION PLAN. No:**********

Annual Statement to 30 September 2005

Mr P **********
**************
**************


UNITS HELD AT SEPTEMBER 2005

FUND UNITS ALLOCATED BID PRICE VALUE

(P) (£)
MX* 205.85 334.80 689.19
MX 467.76 1165.10 5449.87

---

6139.06

TOTAL AMOUNT PAID TO DATE: 2982.47

Attached to this is a statement with much of the same above but with dates starting at 1995 and ending at 1998 with different entries such as RPR, which is regular premium, MX-mixed, MX* - mixed (*denotes initial units), and a column of units cancelled.

I have NO idea what this is! Is this worth anything? Can we cash it in whatever it is? Why have we got it? What does it mean? Is it worth anything?

Sorry for the long post.:o I am hoping there is an expert out there who can shed some light on this. Hopefully somebody who can tell me it means money and I can get my skint claws on it!!:j

Best wishes

Carol

dunstonh

I have NO idea what this is!

Its an executive pension plan.

Is this worth anything?

What ever the fund value is, that is what it is worth.

Can we cash it in whatever it is?

No.

Why have we got it?

Because your husband paid into it (the amount of £2982.47).

can tell me it means money and I can get my skint claws on it!!

No. The Govt doesnt give tax relief to allow people to access their pensions before retirement ages. A few exceptions exist (terminally ill for example).

If your husband is aged over 50, he could get access to some of it but it would need to be checked as Scot Widows were offering guaranteed annuity rates right up until 1995 on some of their plans and they can be quite valuable. More than the small value would be now if it exists.

cazziej

Thanks DunstonH.

So basically at the moment just leave it.

He is only 43. If he DOES manage to get IHER, would he be able to have it then?

Once again, thanks for your reply.

Best wishes

Carol