Husband wants to access a further drawdown from Royal Mail pension
in Pensions, annuities & retirement planning
3 replies 328 views
Husband is current RM worker, 60 next month. He took a lump sum in 2018 at 55. He receives a small monthly pension. He now wants to access the rest of the pension pot and has been told that is not possible. He is not very money savvy and did not understand why.
Latest MSE News and Guides
Did you know there's an MSE app?
It's free & available on iOS & AndroidMSE App
Regifting: good idea or not?
Add your two cents to the discussionMSE Forum
Energy Price Guarantee calculator
How much you'll likely pay from AprilMSE Tools
The older Royal Mail pension is a defined benefit scheme and doesnt offer drawdown (not that he did drawdown on the other scheme).
Do you mean that your husband chose to access his defined benefit pension?
He was offered a tax free pension commencement lump sum and a monthly pension?
This is now the position for the rest of his life.
Presumably should he pre-decease you, there will be a widow's pension?
Is he now a member of a defined contribution scheme?
Has he checked on his state pension forecast?