Lump sum payment

tjacksonpfc · Post by **tjacksonpfc** » 24 Mar 2016, 13:40

Hi my husband has asked me to post this as hes not online, He turned 60 on Tuesday and has sent all the forms off for his pension and to take a lump sum. Hes just phones the pensions as no money has been paid yet and been told its in the final stage the letter is being posted out today which will tell us how much they are paying in and when. It seems like they are dragging their heels paying out. Does anyone know how long it takes them to pay the lump sum into the bank account as all the call centre could say was the letter is being posted out.

deltaforce · Post by **deltaforce** » 24 Mar 2016, 18:15

Pensions are normally paid in at the end of the month. As long as he sent back all the relevant forms on time then I wouldn't worry too much.

Post by **nataddick** » 25 Mar 2016, 08:24

I had the relevant forms sent to me about 4 weeks before my 60th birthday and I returned them within a day or two of receipt.

The lump sum payment I chose to receive was paid into my bank account on my birthday.

Post by **baldrick** » 25 Mar 2016, 08:30

If I remember correctly, the lump sum was paid into my bank account on my 60th birthday, and my first pension payment paid in on the last working day of the month.
But I had returned all the forms about 3 months before my 60th birthday. If your husband sent them back closer to his birthday they might need time to process them.

manilaman1961 · Post by **manilaman1961** » 08 Jun 2016, 15:50

Does that mean the lump sum on a pension is paid out on your birthday normally, but the pension is normally paid out at the end of each month, but you have to wait for the letter they send you first, i sent back my option letter 3 weeks ago, and i am taking my pension early at 55, as yet i have had no confirmation that they have even received my letter, even though i have been tracking it, and it was delivered 2 weeks ago.

Post by **baldrick** » 09 Jun 2016, 08:19

Yes, lump sum would usually be paid on your birthday and first pension payment paid on last working day of month.
But if they only received your forms 2 weeks ago they probably haven't been processed yet. You will get a letter when the forms have been processed.

Edit:I see on another thread you will be 55 next week (Happy Birthday!), so it is unlikely your pension application will be processed before that. It will depend on the amount of applications they are processing at the moment, but it seems to take at least a month if not longer.

manilaman1961 · Post by **manilaman1961** » 23 Jun 2016, 13:11

hi, i have received my lump sum, got it 4 days after my 55th birthday, and been informed my monthly payments will start on June 30th.

Post by **GT750rider** » 23 Jun 2016, 15:48

I also opted to take my pension at 55. I sent the forms off in plenty of time, 8 - 10 weeks in advance, if I remember correctly. I was told because I wanted my ( small ) AVC lump sum at the same time, they would have to wait until the AVC provider replied, my lump sum would be put on hold. I eventually got it in my bank account 3 weeks after my birthday.