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JGM, Solicitor
Category: Law
Satisfied Customers: 12190
Experience:  30 years as a practising solicitor.
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I have a pension plan with Prudential valued just in excess

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I have a pension plan with Prudential valued just in excess of£10,000 that I wish to take as a lump sum. Prudential have given three separate dates for payment, none of which they have honoured. I am now told that they cannot proceed because I was aged 75 on 6thApril 2015. They have known my date of birth since I first contacted them in November 2014.
I have asked for and not yet received an explanation from Prudential.
Please advise what and where this "rule"/regulation is and where I can obtain accurate information.
Dave C
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Customer: replied 2 years ago.
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Customer: replied 2 years ago.
I understand that an expert has replied to my question. Unfortuneately I cannot open the response. Can her reply be sent again?
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Thank you for your patience,
Thank you for your question.
As you will know the government changed the pension rules in 20111 so as to allow people to take their pension in cash from age 55. However some older pension contracts are such that if they are not taken by age 75, they then can't be taken in cash and an annuity has to be purchased. I suggest that you examine your pension policy or better still have a financial adviser do so.
You have cause for complaint, however, because you applied to take the lump sum before you were 75 and the pension company failed to implement this. You may want to raise a formal complaint and also take the issue to the financial ombudsman.
I hope this helps.
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JGM, Solicitor
Category: Law
Satisfied Customers: 12190
Experience: 30 years as a practising solicitor.
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