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Prudential protected rights pension
_ASH_
Posts: 17 Forumite
Hi Guy's,
My father has recently passed away and I am trying to sort things out for my mother, we have now found a prudential pension that he had. reading through the last statement that he received and speaking to them it is valued at £28,000. now prudential have sent a cheque through the post for £64.20 saying that that is all she can get as a lump sum??? and then is paid monthly thereafter at £108pm
Reading through the policy it states that it's a "protected rights pension" ???? what does that mean, is there any way we can release any more of the equity as my mum still has a mortgage and it would be nice to clear that and buy her a little car..
Prudential also said on the phone to me that we could sell the pension???
Sorry if I sound a bit dumb but can someone please advise me..
Many thanks in advance.
Ash
My father has recently passed away and I am trying to sort things out for my mother, we have now found a prudential pension that he had. reading through the last statement that he received and speaking to them it is valued at £28,000. now prudential have sent a cheque through the post for £64.20 saying that that is all she can get as a lump sum??? and then is paid monthly thereafter at £108pm
Reading through the policy it states that it's a "protected rights pension" ???? what does that mean, is there any way we can release any more of the equity as my mum still has a mortgage and it would be nice to clear that and buy her a little car..
Prudential also said on the phone to me that we could sell the pension???
Sorry if I sound a bit dumb but can someone please advise me..
Many thanks in advance.
Ash
0
Comments
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Reading through the policy it states that it's a "protected rights pension" ???? what does that mean
Protected rights comes from contracting out of SERPS/S2P. Not from personal contributions. Until April 2012, any benefits under protected rights have to be to be paid as a spouse pension. Just as they would have been had he not contracted out.Prudential also said on the phone to me that we could sell the pension???
Pensions cannot be sold. That is wrong. However, the choice to buy the annuity can be made with other providers. Maybe that was what they were talking about.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.0 -
Might be worth a call to the Pensions Advisory Service.
http://www.pensionsadvisoryservice.org.uk/
Have you checked to see that there is no insurance policy to repay the mortgage on your father's death?0
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