Woolwich/Barclays Final Salary Pension

Julsyb

HI
I worked for the Woolwich Building Society, now owned by Barclays. I took my pension 3 years ago with the 25% lump sum and a small monthly income. I'm moving to Spain and would really like to cash the whole thing in. I called Barclays last year and they told me I couldn't do that but I see things have changed this year. Is there any way I can cash the whole thing in? Thank you Jx

Malthusian

No.

Nothing has changed in that regard. There was a daft proposal that you should be able to cash in defined benefit pensions and annuities in payment, which was thankfully rejected last year. Had it been possible and had you taken it up, you would have received significantly less than the income was actually worth.

Julsyb

Ah ok. I spent a while googling this morning and it's so confusing. Thank you so much for your time. Much appreciated x