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Re Pensions
parki17
Posts: 3 Newbie
Hi my husband took 25% of his work pension about 6 years ago hes 67 now is he able to take anything else from it now under the new rules .Thanks nobody seems to know anyhing.
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Comments
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Is he still working?
Who runs his pension scheme?
Does he get a payment monthly from his pension?
Loads more questions than answers sorry!0 -
We would need to know what type of pension this is.0
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Hi in reply to your comment ,no he dosent work due to disabilities and he gets a monthly pension from mercer.Thanks0
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His pension is an annuity pension thanks0
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If its an annuity then he no longer has a pension. So, the new rules do not apply to him.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
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An annuity is something you can buy with a pension pot to produce income. If he used the remainder of his pension pot to buy the mercer annuity then he no longer has a pension pot and the new freedoms aren't relevant to his situation.
If you have savings and a need to increase income it's worth knowing that anyone who reaches state pension age before 6 April 2016 can defer their state pension and it will be increased by 10.4% for each year, pro-rated for less than a year. It's probably the best way there is to exchange a lump sum for regular income around state pension age. Most of the increase is inheritable by a spouse.0 -
What type of an annuity did he buy? Was his health already bad? Was he offered an enhanced annuity (ie more money) due to his ill health?
If not, then you might have cause for a complaint?0 -
It may not even be an annuity. It may be a scheme pension if mercer were involved (may look at smell like an annuity). They are occupational scheme administrators.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
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