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pension and the triviality rules
Comments
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i know its been a while since i posted but i have been writing to and fro to all and sundry. the financial ombudsman cant help because it is a commercial decision. and prudential just wont budge. because they decidied they wont let anyone commute an existing pension, they dont have the 'facilities' to do it. it seems to me that they are putting us pensioners into categories: those who have, and those who cant have, and all on prudentials say so. at a loss now, apart from standing on their doorstep and shouting at them!!!
this is causing me serious hardship one way and another. that small lump sum could be the answer to my prayers and they dont want to know. thanks everyone for all your advice.xxxxx0 -
Thanks for the update.the financial ombudsman cant help because it is a commercial decision.
Which we already knew before you complained and said it would be the case. Howver, its now cost Pru £450 for that complaint (ignoring admin and time) which they will come from the pot that pays the bonuses for next year.and prudential just wont budge
To be expected as they are not geared for it.this is causing me serious hardship one way and another.
Why? By the time you waited for the complaint from Pru to be resolved and the FOS to give a ruling you could have transferred the pension into a modern plan that allows it and taken the lump sum.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Why? By the time you waited for the complaint from Pru to be resolved and the FOS to give a ruling you could have transferred the pension into a modern plan that allows it and taken the lump sum.
How?This annuity seems to have been purchased some years ago.Trying to keep it simple...
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EdInvestor wrote: »How?This annuity seems to have been purchased some years ago.
Good point. I forgot that this one was already in payment. I was thinking they wouldnt do trivial at point of commencement. Disregard my last post (which I will leave up as Ed has referenced it).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
thanks for all the continuing advice everyone. pru are letting new pensions be taken as a lump, but not the others. if they are geared up for one but not the other??; seems a bit daft to me!!! seem to be splitting us all into the haves and cant haves. never mind, was worth a try.xxx0
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