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Prudential Pension

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  • Prudential Pension

    I have the State pension, a small NHS pension and an even smaller AVC.
    This AVC was as a result of compensation paid to all staff when Equitable Life Collapsed.
    We were given a choice of putting this small amount into Scottish Widows or The Prudential not knowing any better at the time I chose the Pru (remember the man from the Pru calling for his money!)

    When the time came to get my NHS pension I asked about this as I had never added to this AVC I was told it was now a separate item and would be treated as such.
    Through the last four or five years I have tried to get this as a lump sum as it works out at just over 11 .00 PER YEAR.
    Been told I could not get it as Triviality nor was it available under the draw out scheme introduced by the government.
    Phoned them again and one of the messages was about a review regarding bad advice.
    I did some digging and found this.

    http://www.financialreporter.co.uk/r...stigation.html

    Phoned again and was told I was eligible but they had no idea of time scale do I get in touch with the FRA again
    It must cost them more to process this small amount
    Last edited by dogtired; 4th April 2017, 03:29:AM. Reason: Spelling
    Never give up, Never surrender.
    Tags: None

  • #2
    Re: Prudential Pension

    Bump
    Never give up, Never surrender.

    Comment


    • #3
      Re: Prudential Pension

      [MENTION=51026]Ula[/MENTION] [MENTION=85500]Peridot[/MENTION] ... any ideas??
      Debt is like any other trap, easy enough to get into, but hard enough to get out of.

      It doesn't matter where your journey begins, so long as you begin it...

      recte agens confido

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      • #4
        Re: Prudential Pension

        My understanding is you can take 25% the rest is income but I may be wrong

        have a read here may make it clearer https://www.pensionsadvisoryservice....vcs-and-fsavcs


        ​​​​

        https://www.carersuk.org/

        Comment


        • #5
          Re: Prudential Pension

          Thank you [MENTION=81123]Eni[/MENTION]d.
          Will save and digest this.
          To date almost every person I have spoken to at Prudential either try and bamboozle me or sound about 12!
          Never give up, Never surrender.

          Comment


          • #6
            Re: Prudential Pension

            Hi Kati & Dogtired,
            Sorry this is really not an area that I am au fait with. Hopefully someone out there has better knowledge and can give some sensible pointers.
            I am a qualified solicitor employed by the LegalBeagles forum to provide guidance on a wide range of legal queries. I am happy to try and assist informally, where needed.

            Any posts I make on LegalBeagles are for information and discussion purposes only and shouldn't be seen as legal advice. Any practical advice I give is without liability. I do not represent people on the forum.

            If in doubt you should always seek professional face to face legal advice.

            Comment


            • #7
              Re: Prudential Pension

              Originally posted by Peridot View Post
              Hi Kati & Dogtired,
              Sorry this is really not an area that I am au fait with. Hopefully someone out there has better knowledge and can give some sensible pointers.
              Thank you.
              Just to be clear I am already receiving this small amount of just over 11.00 have to pay tax as well!
              Throughout Prudential have denied or refused me when I tried with triviality and again when the recent changes in pension rules I was told that this particular AVC is not part of the scheme.
              I could understand it if it was a lot of money but it isn't.
              Never give up, Never surrender.

              Comment


              • #8
                Re: Prudential Pension

                I have a pru one smaller than yours 79.92 per annum so I just 6.66 a month never been told I can cash it in and tbh I wouldn't bother trying


                ​​​​

                https://www.carersuk.org/

                Comment


                • #9
                  Re: Prudential Pension

                  Originally posted by enaid View Post
                  I have a pru one smaller than yours 79.92 per annum so I just 6.66 a month never been told I can cash it in and tbh I wouldn't bother trying
                  This amount is per year!
                  Never give up, Never surrender.

                  Comment


                  • #10
                    Re: Prudential Pension

                    11 per year, jeez it's hardly worth the admin, but you have it for life cash it in and you pay tax and it's gone.


                    ​​​​

                    https://www.carersuk.org/

                    Comment


                    • #11
                      Re: Prudential Pension

                      I know but that would be very useful at the moment!
                      I cannot understand it costs them more to process it every year and sending me the tax return, currently about 1.00!
                      Never give up, Never surrender.

                      Comment

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