pension pot refusal

edison324

I recently contacted my pension provider asking if I could draw on my pension as I am 62 yes of age ,,and they said I could not draw from them ,but would have to transfer my pension to some where else that would,which has left me baffled,,so I contacted the provider of the pension that I now receive ,and they said this was not the case under the new law,,so now I am at a loss as to what to do,,about this as I do not want to fall foul to any of the so called sharks out there,,any ideas on this ,,thanks

jem16

Your post is a little confusing so could you clarify;

Do you have a pension pot and with whom?

Are you already receiving a monthly pension or not?

keith1950

Is the pension in question an occupational pension or a money purchase pension ?

dunstonh

I recently contacted my pension provider asking if I could draw on my pension as I am 62 yes of age ,,and they said I could not draw from them ,but would have to transfer my pension to some where else that would,

Pension providers are not required to offer any income options. There are some that have no income options at all and require you to transfer out when you wish to commence the pension.

so I contacted the provider of the pension that I now receive ,and they said this was not the case under the new law

Your other pension provider is in no position to state what other pension providers choose to do or not to do.

It would help if you could say who the pension is with and the type of pension it is.

xylophone

You are currently receiving a pension from Provider A?

You have another pension with Provider B?

What type of pension is pension B? (Defined Benefit/Money Purchase/ etc?)