Afternoon all.
Having been given the runaround by HMRC and other Financial institutions, I am still confused. I am therefore reaching out to you more knowledgeable folk as I am sure one of you will have the answer. Please bear with me if this gets long and convoluted.
I was due my pension in October 2021. Along with the guidelines I did nothing and did not claim my pension.
I have now decided to claim it but HMRC are now telling me that I can only claim 1 year's deferred payment as a lump sum and the balance has to be attached to my monthly payments, giving an additional sum each week.
I was looking forward to receiving the whole of the deferred payments in a larger lump sum and can find nothing on the HMRC web site where it states that 1 year is the maximum. I have even looked on Newspaper Financial Advice and they say lump sums have been abolished, which is not correct either if you can get a lump sum of 1 year's payments.
Whilst I know I won't lose out financially (if I live long enough) but I just want to know what I am entitled to. I know I will be on the higher rate as I was born in 1955. The query is simply about the lump sum.
Hopefully someone on here who has recently been in the same situation will be able to throw some light on this.
I hope the above makes sense.
Any advice from you wise folk would be gratefully appreciated.
Regards
TopSec
BBC Radio 4Extra Scheduling Shake-Up.