Thomas Cook pension

Pineapple999

I worked for Thomas Cook back in the 80’s and they have recently contacted me offering me a trivial commutation lump sum of £16260 - I am 58, so could take it but I don’t need it now and would like to either leave it when it is, or convert it into an annuity over 10 years. It’s not possible to speak to willistowerswatson and they take an age to reply. I want to know if the above two options are possible and if the amount is protected in any way from going down? 

Silvertabby

If this is a final salary pension, then you may only take a trivial lump sum if the total value of ALL of your pensions (except the State pension) is less than £30K. 

If you do have other pensions, then you need to contact TC to say that you are not eligible for a trivial payment, and to request your other options - ie, annual pension from them or a CETV if you really want a 10 year annuity (from another pension provider).

Pineapple999

My other pensions are worth more than £30,000. I’ve left one where it is because it’s growing, the other one I’ve taken 25% cash free and converted the rest of it into an annuity. It’s impossible to get hold of willistowerswatson unfortunately - their letter didn’t offer any alternatives. Thanks for your reply

xylophone

https://www.pensionsadvisoryservice.org.uk/content/publications-files/uploads/Taking_small_pensions_Detailed_SPOT008_V1.5.pdf

https://microsite.ehr.com/thomascookpensions/ Have you seen this?

 You might explore the possibility of transferring this pension into an existing pension or into another personal pension?