Having pension lump sum out hel

abbadabbado08

Hi all, just a simple question....
Father in law and his brother are debating about pensions.

The brother says that you can withdraw your state pension under the new rules.

Father in law is confused.

I have looked on gov website and can only see that it applies to private pensions.

The brother says he has received letters from state pension office (I have not seen these)

Father in law has not received anything.

Can someone put us straight on this?

Thanks in advance

DancingBadger

The brother says that you can withdraw your state pension under the new rules.

Only if you're of state pension age and therefore eligible to claim it.

abbadabbado08

Yes they are both in their 70's they both receive their state pension plus private works pensions

The brother says he can have all of his state pension out in a lump sum.

I'm confused or thick lol

dunstonh

The brother says that you can withdraw your state pension under the new rules.

The brother is wrong. The new rules have no impact on the state pension.

The brother says he can have all of his state pension out in a lump sum.

no you cant.

abbadabbado08

Dunstonh. ........thank you so much .

I can now put this debate to bed with them.

Hopefully the next topic will be something I know about lol

System

The Department of Work and Pensions is not one of the pension providers the government will be investigating in its drive to promote pension freedom.

Mojisola

abbadabbado08 wrote: »

The brother says he can have all of his state pension out in a lump sum.

If you defer your pension there is the option to receive a lump sum - maybe he's read about that and got mixed up.