Stake Holder Question

farquarpigmix

Can you cash the above in as someone I know only gets £30.00 a month income from it. Pension pot is worth approx £7,000

Regards
Farquar

jem16

If they are already taking the income from it, then no.

farquarpigmix

Thank you for reply.

They ask is their any other options of cashing it in? Is their anything else they can do to get the money.

Farquar

Lokolo

As jem has already said.

No.

jem16

farquarpigmix wrote: »

Thank you for reply.

They ask is their any other options of cashing it in? Is their anything else they can do to get the money.

Farquar

Actually I'm not sure if what I said is totally correct as there may possibly be a case for doing so.

Have a read here;
http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality)

and here;

http://www.litrg.org.uk/pensioners/life-events/coming-up-retirement/triv-comm

I don't know if any of these apply to you though. Is this the only pension provision?

wallpaperman

jem16 wrote: »

Actually I'm not sure if what I said is totally correct as there may possibly be a case for doing so.

Have a read here;
http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality)

and here;

http://www.litrg.org.uk/pensioners/life-events/coming-up-retirement/triv-comm

I don't know if any of these apply to you though. Is this the only pension provision?

I'm not sure what you are referring to with these links? If the pension has been vested and annuity is in payment, there's nothing that can be done to reverse that unless within the cooling-off period that should be offered by the pension provider.

jem16

wallpaperman wrote: »

I'm not sure what you are referring to with these links? If the pension has been vested and annuity is in payment, there's nothing that can be done to reverse that unless within the cooling-off period that should be offered by the pension provider.

Which is what I always thought and why I gave my first answer.

However the links I provided threw up some doubt in my mind and I didn't want to lead the OP the wrong way. It mentions pensions already in payment but it may be in respect of working out the total value of all payments so may not apply.

wallpaperman

jem16 wrote: »

However the links I provided threw up some doubt in my mind and I didn't want to lead the OP the wrong way. It mentions pensions already in payment but it may be in respect of working out the total value of all payments so may not apply.

Yes, the 'pensions already in payment' is talking about how to value a pension you are already getting, if you have another small pension that you may want to take triviality under.

The example given using the 20:1 factor values the pension already being paid at £15000.00. Therefore if the only other private pension you have is an unvested pension worth £2500 then you can take that as triviality. If the unvested pension is worth £3500, then you can't.

jem16

wallpaperman wrote: »

Yes, the 'pensions already in payment' is talking about how to value a pension you are already getting, if you have another small pension that you may want to take triviality under.

I thought that was what it was but wanted to be sure. Thanks.

farquarpigmix

Cheers for the replys. Been passed over.

dunstonh

It is theoretically possible to retrospectively apply triviality to pensions in payment. The 2006 changes allowed it. However, it is subject to the provider wanting to do it. Most dont.