Cashing in a Company Pension

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  • xylophone
    xylophone Posts: 44,427 Forumite
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    Is it the Trustees who have to agree to the early access to the pension and the Trustees who have to make an additional payment?
  • benidorm59
    benidorm59 Posts: 188 Forumite
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    xylophone wrote: »
    Is it the Trustees who have to agree to the early access to the pension and the Trustees who have to make an additional payment?

    Brilliant thank you will explain it to her due to visit for a cuppa this morning
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    benidorm59 wrote: »
    Brilliant thank you will explain it to her due to visit for a cuppa this morning

    The trustees can't make an additional payment; it would have to come from the employer (if extra money is needed). Rather than explaining the wrong thing to your friend, get her to contact the scheme administrators or ring TPAS for help (make sure she has the papers with her when she calls): https://www.pensionsadvisoryservice.org.uk
  • xylophone
    xylophone Posts: 44,427 Forumite
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    Brilliant thank you will explain it to her due to visit for a cuppa this morning

    I was asking a question as to whether that is what the letter from Bentley meant rather than suggesting that it was the case!


    You say that the letter came from Bentley - is he actually a deferred member of the Rolls Royce and Bentley Pension Fund rather than the (amalgamated) Rolls Royce Scheme?


    https://www.hartlinkonline.co.uk/rrbpf/hopl.chi/wui/homepgui.html

    https://www.rolls-roycepensions.com/Homepage

    You say that the letter from Bentley (who at Bentley?) said that the early payment was dependent on the agreement of the Trustee(s) and the payment of additional contributions into the Fund.

    But who was to make those contributions and why?


    You say that the pension was deferred over twenty years ago.

    Did the husband leave Bentley in 1998?

    Or just leave the pension scheme and remained and is still employed by Bentley?

    Does he have a statement of deferred benefits?

    If he is no longer employed by Bentley and hasn't been for twenty years I don't quite see why they should be required to make a payment to the pension fund/scheme either?
  • Brynsam
    Brynsam Posts: 3,643 Forumite
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    xylophone wrote: »
    I was asking a question as to whether that is what the letter from Bentley meant rather than suggesting that it was the case!


    I think this is a lost cause - too many wires getting crossed to make it sensible to try and answer here.
  • benidorm59
    benidorm59 Posts: 188 Forumite
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    xylophone wrote: »
    I was asking a question as to whether that is what the letter from Bentley meant rather than suggesting that it was the case!


    You say that the letter came from Bentley - is he actually a deferred member of the Rolls Royce and Bentley Pension Fund rather than the (amalgamated) Rolls Royce Scheme?


    A deferred member of the RR and Bentley Pension

    https://www.hartlinkonline.co.uk/rrbpf/hopl.chi/wui/homepgui.html

    https://www.rolls-roycepensions.com/Homepage

    You say that the letter from Bentley (who at Bentley?) said that the early payment was dependent on the agreement of the Trustee(s) and the payment of additional contributions into the Fund.



    But who was to make those contributions and why?


    This she doesn't understand she assumed her husband

    You say that the pension was deferred over twenty years ago.

    Did the husband leave Bentley in 1998?

    Yes he left was made redundant

    Or just leave the pension scheme and remained and is still employed by Bentley?

    Does he have a statement of deferred benefits?

    Yes they sent one with that letter

    If he is no longer employed by Bentley and hasn't been for twenty years I don't quite see why they should be required to make a payment to the pension fund/scheme either?

    She brought the letter and it states its all subject to the company so i am assuming it depends if the trustees agree and the company pays these extra contributions
    Why cant the pot he has now just be used, Thanks for her help so far. She has tried ringing Bentley was told he will have to apply and see
  • Dox
    Dox Posts: 3,116 Forumite
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    benidorm59 wrote: »
    She brought the letter and it states its all subject to the company so i am assuming it depends if the trustees agree and the company pays these extra contributions
    Why cant the pot he has now just be used, Thanks for her help so far. She has tried ringing Bentley was told he will have to apply and see

    At long last...trustee consent needed for early retirement, company consent needed for enhanced early retirement (i.e. paid without some sort of reduction because it is being paid early).

    If company consent isn't forthcoming he may be able to take his benefits, but the starting level will be reduced to reflect the early payment. Depends entirely on the rules of the scheme, which is why people here won't be able to tell you the answer.
  • xylophone
    xylophone Posts: 44,427 Forumite
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    If he can log in here

    https://www.hartlinkonline.co.uk/rrbpf/hopl.chi/wui/homepgui.html

    he might be able to access the Scheme Members' Booklet/Scheme Rules.
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