Early Private Pension+ Benifits

TonyBee

Hi, hope I am in the right section.

McKneff

I would have thought it is correct, if your income rises then you income support goes down,

TonyBee

Thanks for the reply,

atush

And because you took it early on their bad advice, you get less per month than you would have?

Have you made a complaint? Or did you misunderstand what you were told?

McKneff

I would be writing a complaint to the CAB to be honest, unfortunately it would be an empty gesture because once you have set an annuity up and are receiving it, there is no way of cancelling it and going back to square one.

Atush, I thought if you had an available pension it was taken into account with benefits or am I wrong.

TonyBee

Thanks for the replies. seems i am stuck. ..

atush

McKneff wrote: »

I would be writing a complaint to the CAB to be honest, unfortunately it would be an empty gesture because once you have set an annuity up and are receiving it, there is no way of cancelling it and going back to square one.

Atush, I thought if you had an available pension it was taken into account with benefits or am I wrong.

I thought there was a new rule it could be used in bankruptcy and things like that such as CC judgments etc if you were 55 or older and could get your TFLS. Dodn't think it affected benefits but noe sure, and not sure when it comes in either,

I think I would make a complaint against the CAB for several reasons. One, to stop them giving such advice to someone else, two as you have time on your hands you might as well, three they might have insurance for this sort of thing. the CAB aren't useless, but they are human and can make mistakes.

TonyBee

Thanks for the reply.
regards..

sleepless_saver

They should have kept a record of the advice you were given, so it is not too late to make a formal complaint. It does not matter that the person you saw has left, it is the organisation that is liable for giving you bad advice.

You should work out what you have lost as a result of their advice and include that in the complaint. They may be liable to compensate you so there is a point in doing this.

(You are getting income support - is that income support to top up incapacity benefit or are you getting it for some other reason e.g. if you are a carer or a lone parent. Treatment of pensions can be different for incapacity benefit recipients in some circumstances. )

atush

TFLS, is the tax free lump sum of 25% you can get when you commence a private pension.

Also, when you commenced it, did you see an IFA? As you were ill, you would have been probably able to get an enhanced pension. Or did you just take whatever the Life company told you they would pay (never a wise thing to do).