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Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 9492
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I live in the USA and currently have a UK bank private pension.

This answer was rated:

I live in the USA and currently have a UK bank private pension. I took my lump sum and get an amount paid to me every month. i wanted to change it so i could take an annual payment instead of a monthly one, but have been told i cant.
Is this correct? i thought i could have my money paid when i wanted it?
Thanks

NPVAdvisor :

I'm so sorry, but this question is one of plan design, rather than tax or pension law.

NPVAdvisor :

You should request the scheme document, and/or review the paperwork you initially signed when setting up the payouts.

NPVAdvisor :

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.

NPVAdvisor :

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.

NPVAdvisor :

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.

Customer:

ok thank you very much for your response

NPVAdvisor :

YOu are very welcome ... DO hold the bank accountable by asking them t point this out in your document

NPVAdvisor :

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

NPVAdvisor :

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.

NPVAdvisor :

... questions?

NPVAdvisor :

still don't see you coming back in .. I'll move us to the "Q&A" mode now ... Maybe that will help

NPVAdvisor :

Let me know if you have questions

NPVAdvisor :

Lane

Lane and other Finance Specialists are ready to help you


Hi Anne,

Just checking back in, as I never saw you come back into the chat.

Let me know if you have further questions.

If this HAS helped, I'd appreciate a positive rating (as that's the only way they will pay us here)



Let me know ...
Lane


Thanks so much, Anne.

Let me know if I can help further.

Lane