Lump Sum Pensions

[davidmarsden]

my wife wants to draw her lump sum from her pension. she applied in feb but had to wait until may 25 th when she reached her 60th birthday.
when she received her application it was worth £25000.she was told it would take 5 to 6 weeks after her birthday before she received her payment.
my question is,should she receive £250000 (less tax and admin fees) or given the greek crisis has affected pensions will she be paid less because of this.

[EDDIE51]

The Greek crisis only affects Greek pensions.
The tax will be taken off before she gets the pension.

[Peter Pedant]

This is more of an economics question than pension law

If she wasnt allowed to draw her pension before her 60th birthday then again it is a question of pension contract and not law

if she was - then there would be adjustment down for drawing it 'early' and she would be better advised to wait three months - perhaps she was.
NHS pension for example the adjust ment would be six months pensions worth.

There is one figure of twenty five thou and one of two hundred and fifty thou. Can I assume one is a typo ? ( but which )

and finally her lump sum should not be taxed ( or have I missed an imortant change in pension law ?)

Now suppose in Feb she would have got £100
and now in May at the time she vested she got £90
does she have a decent claim for £10 ?

now THAT is a law question

and my opinion is I think not because the advice in Feb was not osbviously negligent.

( NB not a lawyer but used to do pensions informally )