CAN I STILL GET UP TO 25% TAX FREE?

DRS1

The OP's description of the payments taken so far sound like UFPLS.  If that is all he has taken it sounds like whatever is left should be uncrystallised.

Of course that may be a dangerous assumption.  So as others say do check with the provider.

Roger175

DRS1 said:

The OP's description of the payments taken so far sound like UFPLS.  If that is all he has taken it sounds like whatever is left should be uncrystallised.

Of course that may be a dangerous assumption.  So as others say do check with the provider.

I agree that the OP's description sounds like UFPLS, but Wilson Towers Watkins are administrators for many DB schemes, so I think the OP needs to clarify things further.

DRS1

Roger175 said:

DRS1 said:

The OP's description of the payments taken so far sound like UFPLS.  If that is all he has taken it sounds like whatever is left should be uncrystallised.

Of course that may be a dangerous assumption.  So as others say do check with the provider.

I agree that the OP's description sounds like UFPLS, but Wilson Towers Watkins are administrators for many DB schemes, so I think the OP needs to clarify things further.

I missed the mention of Willis Tower Watson (simultaneous posts) so I agree he needs to check.  I associate them with occupational schemes but it could still be DC.

NOT_THE_TAXMAN

DRS1 said:

Roger175 said:

DRS1 said:

The OP's description of the payments taken so far sound like UFPLS.  If that is all he has taken it sounds like whatever is left should be uncrystallised.

Of course that may be a dangerous assumption.  So as others say do check with the provider.

I agree that the OP's description sounds like UFPLS, but Wilson Towers Watkins are administrators for many DB schemes, so I think the OP needs to clarify things further.

I missed the mention of Willis Tower Watson (simultaneous posts) so I agree he needs to check.  I associate them with occupational schemes but it could still be DC.

Yes I can confirm it was a DC scheme.

Albermarle

My provider is a nightmare to deal with 

I wasn't surprised when you said it was WTW.....

NOT_THE_TAXMAN

OK I've now done some further checking with WTW (and waited the usual time for a response).  WTW confirm that my "funds were crystallized when you took your first withdrawl from scheme".  I have no knowledge or recollection of ever being told this, prior to taking any withdrawl.  Now, previous to WTW, the Pension provider was Lifesight.  I still have the documentation and have now been through everything provided to explain my options before taking my pension.  AT NO TIME WAS IT MADE CLEAR THAT IF I STARTED MONTHLY WITHDRAWLS THAT I WOULD LOSE THE 25% TAX FREE IF I DIDN'T TAKE IT ALL BEFORE STARTING WITHDRAWLS.  It does appear that I had very poor and incomplete advice from Lifesight on what options were available.  So that's where I am.  I would be grateful for any advice on whether I can challenge the "poor advice" given at the time by Lifesight, in order to be able to take my remaining 25% without touching the remaining fund.  Also any advice on whether the Pensions Ombudsman may be any help in this matter.

Thank you in advance
David

JoeCrystal

It is not for pension provider to give you advices as far I am aware, so I am not sure why you believe that you are misadvised since they cannot advise you?

molerat

You have not lost the 25%, it is still there, it is just that you cannot take it in a lump sum now you have changed your mind over how you wish to continue taking the pension.  I have looked at the booklet from a WTW / LifeSight scheme and it clearly gives you the options.  WTW / LifeSight did not offer "advice", they do not have the regulated permissions to do that and clearly say so in their documentation, so if you wanted advice around "what if" you would have needed to consult an IFA.  You may still have the option to transfer the remaining fund to another scheme where you would have the option to take the remaining 25%. Have you asked them that question ?

af1963

NOT_THE_TAXMAN said:

eastcorkram said:

Really going to depend on what sort of scheme it is. All you've called it, is 'this scheme' .

Its a drawdown pension.  I took payments for 3 years - each of which gave me 25% as tax free, the rest was taxed.  Hopefully that helps.

If you've been taking "drawdown" / UFPLS payments, each of which had 25% tax free and 75% taxed, that normally wouldn't crystalllise the entire fund.

Are these the *only* payments that have been taken ? Any reason why you can't continue taking the same kind of payments ?

Depending on what exactly they've told you and the exact nature of this scheme, I wouldn't necessarily be 100% confident that WTW are getting it right.

dunstonh

Now, previous to WTW, the Pension provider was Lifesight. 

Same thing.      All Willis Tower Watson.  
Its worth noting that they are not retail provider (i.e. like Aviva, Scottish Widows, Standard Life etc).

 WTW confirm that my "funds were crystallized when you took your first withdrawl from scheme".  I have no knowledge or recollection of ever being told this, prior to taking any withdrawl. 

It would have been in the documentation.   However, it may not specifically used those terms.

 AT NO TIME WAS IT MADE CLEAR THAT IF I STARTED MONTHLY WITHDRAWLS THAT I WOULD LOSE THE 25% TAX FREE IF I DIDN'T TAKE IT ALL BEFORE STARTING WITHDRAWLS. 

When you transact, you have the choice to go DIY or use an adviser.    If you DIY, then it is your responsibility to read up and understand what you are doing.

It does appear that I had very poor and incomplete advice from Lifesight on what options were available. 

WTW don't provide advice.  They take instruction from you.

  I would be grateful for any advice on whether I can challenge the "poor advice" given at the time by Lifesight, in order to be able to take my remaining 25% without touching the remaining fund. 

You cannot complain about advice when you were not given advice and they don't offer advice.

You may need to switch to a different provider to get what you want.