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Pension Credit and Private Pension
mr_chaela
Posts: 4 Newbie
I receive pension credit and have recently had a 'phone interview' to check for any changes in my circumstances.
During this conversation I was told that as I have previously paid into a private pension scheme I must now start taking payment from my private pension. My plan was to start taking the payments in 9 years time.
I have spoken to my pension company and they say that if I take payment now my pension credit will be reduced by whatever I receive.
Can I be forced to start taking the payments now?
If I refuse will they stop/reduce my pension credit payments?
During this conversation I was told that as I have previously paid into a private pension scheme I must now start taking payment from my private pension. My plan was to start taking the payments in 9 years time.
I have spoken to my pension company and they say that if I take payment now my pension credit will be reduced by whatever I receive.
Can I be forced to start taking the payments now?
If I refuse will they stop/reduce my pension credit payments?
0
Comments
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Can I be forced to start taking the payments now?
No. You can still decide when you take it. However, they can take the amount it would pay now into the means test calculation and reduce your benefits.If I refuse will they stop/reduce my pension credit payments?
yesI 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 -
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