my pension will only allow me to have it as monthly payments for the rest of my life.my partner had a good job in the city and was insured by them.Am in dire need of lump sum but they wont release it.I am 50.Where can i get help on pension release advise re. a dead loved ones job life pension left to me.?
pensions are designed to provide an income for life and unless there was some element of life insurance, there will be nothing that you can do to alter this position.
Would suggest that you take advice from a financial adviser if you in financial difficultyWhere can i get help on pension release advise re. a dead loved ones job life pension left to me.?
Are you referring to the death in service lump sum?
This is paid out at the discretion of the trustees. In coming to their decision they will consider your partner's wishes if he/she completed an expression of wish form. They will also consider their personal circumstances at and before death. This can take some months to resolve, but usually partial early payments will be considered by the trustees if hardship can be shown. Note this benefit is only paid out if the pensioner was actively employed at time of death.
If you are referring to taking a spouses pension as a lump sum, then this is not possible in most cases. Sometimes a pension will be considered so trivially small that a lump sum payment can be made, but this will also be small and is strictly regulated.
That type of pension is structured as an annuity and there is no way to get the lump sum
then thats what you will have to settle with im afraid
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