Pension lump sum or increase pension

Pip_Thatch

My frozen benefit pension becomes active at the end of the month. I opted for a smaller lump sum & increased pension and sent off the forms in April. However my personal situation has changed and I think it's better for me to take the full lump sum & smaller pension.
Can I do this, by contacting my old company's pension dept or I have to stick with my original request.
I received a letter last week from them confirming payment for lump sum paymentthe end of the month, but pension starts end of June.
Help !!!!
I was hoping to get some part time work, but due to family illness I will be Caring full time.
Hence why the lump sum would help me better

mania112

Only they can answer that for sure, give them a call tomorrow.

sandsy

The only way to find out is ask the administrators. No of us are in a position to anticipate the response.

Pip_Thatch

Thanks. Have E Mailed them on Saturday, but will ring tomorrow asap.
Not sure if there were any "set" rules regarding asking to change.
Thanks for replying.

mania112

Pip_Thatch wrote: »

Thanks. Have E Mailed them on Saturday, but will ring tomorrow asap.
Not sure if there were any "set" rules regarding asking to change.
Thanks for replying.

No, there may be a 'point of no return' but there's no set rules about it.

Pip_Thatch

Thanks folks, I can only ask them.
One thing certain in life, you never know when things
are going to change for you..lol !!

Pip_Thatch

Spoke with my old companies Pension Dept, and they have sorted everything out for me.
They were very helpful and understanding, I am so relieved it's sorted.
Thanks for your support.

nearlyrich

Glad it is sorted and thanks for coming back to tell us how it went, hope whatever has caused your change of circumstances doesn't have too much of a negative impact on your retirement plans..

Pip_Thatch

Parent health problems, only child, etc...Will battle on and stay positive.
Thanks for support. :T

atush

Dont forget to register for carer's allowance?

Pip_Thatch

Am set up for Carers Allowance, just need to decide what to do with Lump Sum from Pension now. Saving rates are poor, need to sit down and get my head around all this...lol !!