Pension due 3 years late

seletar

Hi, I thought that my previous employer`s pension was due in 2 years time when I am 65.Wrong, I received the following this morning from The Equitable Life
"Following a review of our policy records we note that you were due to take
your retirement benefits from this policy on 10 December 2004.Unfortunately
we failed to write to you at the time to remind you that the policy was due to mature.Please accept our apologies for this oversight"
..
They have offered me a tax free lump sum and a monthly payment.The monthly payment would be backdated for 37 months and interest(no % quoted) would be paid on this backpayment and on the tax free lump sum.
..
My original plan was that when I reached 65 I would see what other pension providers would offer, hopefully more than Equitable.Can I do this via an IFA
and would it be backdated and with interest or am I stuck with what has been offered from Equitable ?
Any advice would be appreciated.

dunstonh

My original plan was that when I reached 65 I would see what other pension providers would offer, hopefully more than Equitable.Can I do this via an IFA

Yes.

You need the options costed up to see what is best.

and would it be backdated and with interest or am I stuck with what has been offered from Equitable ?

I think with the help of an IFA or if you feel confident of doing it yourself, you could push for the 37 months payments and interest to be added to the open market option valuation. I doubt you would succeed in getting another companies pricing back dated. It is worth noting that annuity rates today are higher than three years ago as they have been slowly rising in recent years. Plus you have 3 years age on the annuity rate. The ideal scenario is for them to increase the OMO value and you purchase using todays rates.

seletar

Thanks dunstonh for your quick response.I will bear your advice in mind when
I look for an IFA on Monday in the York area.