Lump Sum from Underpayment

stonecold_jono

Hi,

I recieved a letter from the Financial Assistance Scheme which said they had taken on my Dad's pension scheme as it had fallen into liquidation. They have said that I was due to recieve financial assistance as part of the scheme when he passed away (as I was 13 and should have received this until I left full time education)

So this will, I assume, be a lump sum. My question is regarding tax and interest. I know it will be taxed, however does anyone know if i would be due interest on this? basically I should have been getting assistance from 1993 to 2004. 13 years later i get told about this. Would the FAS also take interest into it's calculations? I asked them but they didn't seem to know as it all gets done by their calculations team whom you can't get in contact with.

Any help much appreciated!

Cheers

xylophone

For general principles, the information here may be worth a look.

http://www.sppa.gov.uk/index.php?option=com_content&view=article&id=1042:frequently-asked-questions&catid=191&Itemid=380

In particular, note the information at the bottom about tax.

The pension was payable to you and it is possible that no tax was due - therefore the information may be relevant to the case.