Free Pension Advice please ....why cant I get a lump sum??English Explanation Preferred please ??

Mustbeananswer??

Hi any advisors or experts explain in a language I can understand what this is saying ? 


I worked for a number of years for the DWP....is my Pension really worth 54 Grand ...is there any way In cann get at the cash please??

Thank you for your enquiry concerning the Trivial Commutation of your Civil Service pension. Current pension legislation provides for trivial benefits to be commuted and paid as a one-off taxed lump sum payment from the age of 55. Under this arrangement, your annual pension can be exchanged for a trivial commutation lump sum. This will be treated as taxable income through PAYE for the tax year that the payment is made accountable. You must satisfy the following criteria: a) You are aged 55 or over. Although some members can also trivially commute their benefits after age 50 if they have a protected minimum pension age under the 2004 Finance Act. b) The capitalised value, for trivial commutation purposes, of your pension scheme savings are not valued as more than £30,000 based on your benefits from all sources, including those already in payment or commuted. This is calculated as: Annual pension at the retirement date multiplied by a standard valuation factor of 20 plus Pension commencement lump sum at retirement plus Widow’s Pension Scheme (‘WPS’) refund lump sum (if applicable).......Your calculation is therefore: 09 January 2012 → (£1,131.84 x 20) plus £7,545.60 plus £0.00 = £30,182.40 27 July 2018 → (£892.56 x 20) plus £5,950.29 plus £0.00 = £23,801.49 = £53,983.89  Regrettably, the value of your pension scheme savings is greater than the maximum limit of £30,000 and you are not eligible to trivially commute your pension. We are sorry to give you this disappointing news. Please note that in accordance with scheme rules, Civil Service Pensions must take into account all pensions payable through the scheme. This is why both your partial and final retirement figures have been used together in the above calculations. Please note that current pension legislation does not allow for a proportion of your pension scheme savings to be trivially commuted in order to meet this maximum limit. There is no option for partial trivial commutation and the whole of your benefits must be taken as a lump sum. The Scheme does not have the discretion to pay anything over the limit and regrettably this option is not available to you. 

Dazed_and_C0nfused

I worked for a number of years for the DWP....is my Pension really worth 54 Grand ...is there any way In cann get at the cash please??

That is a nominal value that really means nothing to you.

You will get a pension under the scheme rules.

And you cannot transfer anything out of the civil service pension scheme in the scenario you find yourself in.

Mustbeananswer??

Dazed_and_C0nfused said:

I worked for a number of years for the DWP....is my Pension really worth 54 Grand ...is there any way In cann get at the cash please??

That is a nominal value that really means nothing to you.

You will get a pension under the scheme rules.

And you cannot transfer anything out of the civil service pension scheme in the scenario you find yourself in.

I guess that is exactly what I was expecting ...Thanks for putting it in such a readable way Dazed and Confused.I have already been drawing the Pension for a number of yours...It pays about 2 grand per annum.Thank You 

xylophone

I have already been drawing the Pension for a number of yours...

There's an admission!