2007-06-13 01:37:16 · 2 answers · asked by JOHN M 1 in Business & Finance ➔ Taxes ➔ United Kingdom
Why not contact the Trustees of the Penison Scheme and ask them ???
(at the same time, I suggest you ask for a full copy of the Rules)
2007-06-13 23:53:15 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Ordinarily, you have to wait until the scheme's normal retirement date, or at the discretion of the Trustees of the scheme if you were terminally or seriously ill.
If you have left the Royal Mail you can transfer the benefits into a Personal Pension, where you would be able to take 25% as a tax free cash sum and the rest used to buy you an annuity for life.
This is not something to be done lightly, however, as there are valuable death benefits and spouse benefits in the Scheme. You need to speak with an Independent Financial Adviser, one who is G60 qualified who would carry out a transfer analysis for you and advise you properly.
You can find an IFA in your area on the Financial Services Authority website, www.fsa.gov.uk. Ask the company how they charge, whether fee basis or commission.
Hope this helps.
2007-06-13 09:08:03 · answer #2 · answered by Dogs'r'us 4 · 0⤊ 0⤋