Max tax free cash on final salary scheme

sophie1953

I recently became 60 and was due a payment of max free cash of circa 40k from the FSA. My birthday fell on 22nd of this month November, waited and no cash arrived. Phone them to be told that as their payment run is on 21st of each month, I would not receive this money till 21st December. Ok I said fine what interest are you paying. My response was laughed at they don't pay interest, did I think they were skimming money off people's pensions. So help please how many others are also being short changed pensions they paid into for years. Incidentally it does not say any of this in my statement and options paperwork.

rpc

I don't know about other schemes, but if that's the rules for yours then that's the rules for yours. The Scheme Rules are where you will find the answers.

Ours tells us that, if you give enough notice and get the paperwork done on time, you will get your PCLS within the first week of retirement.

somethingcorporate

There is rarely interest on business accounts so I doubt they'd be making millions from this - maybe about £50 at a decent rate on your £40k.