Defined contribution, no drawdown allowed

Famousak

I have a defined contribution, I have been in receipt of this for 11 years, I took 4k at the very start. I am informed now that I cannot drawdown or transfer to another provider that allows drawdown. Why?

p00hsticks

how do you mean 'you have been in receipt of it for 11 years ?' 
Do you take a regular income for it ?
How much is left in the pot  ?
Who is the pension provider ? 
 

dunstonh

Famousak said:

I have a defined contribution, I have been in receipt of this for 11 years, I took 4k at the very start. I am informed now that I cannot drawdown or transfer to another provider that allows drawdown. Why?

More information needed.

11 years ago makes it pre-pension freedoms.  So, this means you would have either used capped drawdown, an annuity or a scheme pension.

a) what do you mean by "in receipt of this" - i.e. what method are you using?  
b) what is the breakdown of your crystallised fund value and uncrystallised fund value?  (answer could be none).
c) what was the reason given?

Andy_L

probably because you traded your pension pot in for an annuity 11 years ago and that pays a set amount of pension per month and so there is no pot to drawdown from

Famousak

I retired from the employment after 25 years aged 55 (now 11 years ago), I took 4k at the start, which left me with a monthly income which is increased by RPI, or 2.5 % annually. I have been in receipt of this monthly ever since. I contacted Capita to request a further drawdown after confirming it was a defined contribution pension. They told me no drawdown or transfer is possible because I'm in receipt of the pension. Having recently reached pension age, I wanted to drawdown some cash even though that would mean a reduced monthly income. 

dunstonh

Famousak said:

I retired from the employment after 25 years aged 55 (now 11 years ago), I took 4k at the start, which left me with a monthly income which is increased by RPI, or 2.5 % annually. I have been in receipt of this monthly ever since. I contacted Capita to request a further drawdown after confirming it was a defined contribution pension. They told me no drawdown or transfer is possible because I'm in receipt of the pension. Having recently reached pension age, I wanted to drawdown some cash even though that would mean a reduced monthly income. 

Based on what you have said, you converted to a scheme pension income 11 years ago.   There is no pot for you to draw down on.

Famousak

How dis is do that then?

Silvertabby

You spent the money on a pension (annuity) for life 11 years ago.  This can't be reversed.    

Albermarle

Famousak said:

How dis is do that then?

You must have agreed to it at the time. Have you got the paperwork?