Prudential Pension

[dogtired]

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

[dogtired]

Re: Prudential Pension

Bump

[Kati]

Re: Prudential Pension

[MENTION=51026]Ula[/MENTION] [MENTION=85500]Peridot[/MENTION] ... any ideas??

[enaid]

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

[dogtired]

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!

[Peridot]

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.

[dogtired]

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.

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.

[enaid]

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

[dogtired]

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

This amount is per year!

[enaid]

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.

[dogtired]

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!