I'm so sorry, but this question is one of plan design, rather than tax or pension law.
You should request the scheme document, and/or review the paperwork you initially signed when setting up the payouts.
You will probably find that (either in the master document or the contract document where you chose the payout initially) the payout method is irrevocable.
This becomes and issue of agreement, (law of contracts) rather than any legality under the Pension Schemes act of 1993 orand the Pensions Act, 1995.
All this is NOT to say that the scheme could not have been designed to allow for changes, but rather that the answer will turn on the contract you signed when setting this up with the financial institution.
ok thank you very much for your response
YOu are very welcome ... DO hold the bank accountable by asking them t point this out in your document
It is always possible for them to have pushed this off in hopes that you will not push the issue ... Make them point out the language where it says that the election is irrevocable
If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.
HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.
still don't see you coming back in .. I'll move us to the "Q&A" mode now ... Maybe that will help
Let me know if you have questions