FRiend's Life small pension pot realeased
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suzi-2016
Posts: 1 Newbie
Hello there. After many months, phone calls, emails and complaints, my husband finally received the forms from Friend's life to cash in his small private pension pot. The problem he has now is that he never received a P45 from Friend's Life and has been trying to get hold of it for the past few weeks and again is being given the runaround. He hasn't worked now for 4 years and would like to claim tax paid but HMRC require a P45 to do this. Has anybody had the same problem and how did they manage to resolve it. Many thanks Sue
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Comments
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When you say "runaround" what do you mean? Are they outright refusing to provide it?
This page here tells you how to tell the pension provider what to do but you'd think a big company like FL would know this.
The pension payer must provide you with a form P45, as if you were leaving a job, showing the amount of trivial commutation and the amount of tax deducted. Our experience is that some pension providers are not aware of this obligation under the PAYE rules, so you might need to insist strongly that they provide the right paperwork. You could refer them to HM Revenue & Customs’ (HMRC) Manuals PAYE93080, where it is confirmed that the pension provider should issue form P45 for trivial commutations.
http://www.litrg.org.uk/tax-guides/pensioners-and-tax/how-do-i-cash-my-small-pension-trivial-commutation0 -
The problem he has now is that he never received a P45 from Friend's Life and has been trying to get hold of it for the past few weeks and again is being given the runaround.
The P45 is normally issued within a month after 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 -
Hi, I recently contacted Friends life and asked to start the procedure for cashing in a small (£2,800) pension pot. I filled in their online form with ALL my details. I received an email back telling me they would send me a pack out with the relevant papers. I received a pamphlet telling me my retirement options, with no mention anywhere of a cash in option!
How do I go about moving this along as we could do with the cash ASAP!!
Many thanks in advance.0 -
Give them a ring.0
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Such a simple answer, but a simple solution too!!
Phoned them today and was on for less than 5 minutes and very helpful too. Just got one form to sign which is in the post and monies will be in bank account within 14 days.
Thank you Xylophone...simple, but great advice!!!0
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