Mineworkers pension

[alamand]

Hi everyone, I am just enquiring about my MPS that I am recieving.

 

I claimed my pension 5 years ago when I was aged 50. I took a lump sum and then a monthly pension of £235.

 

My question is, can i change the monthly pension I receive into a one off cash lump sum instead?

 

I am being finished at work on friday due to ill health as I have polycistic kideys and am just waiting for my fistula to be sorted out for the start of dialysis and also a heart problem which they cannot sort out until I am settled on dialysis which could be at least 18 months away.

 

I still have 4 years left on my mortgage and I am trying to sort out ways of trying to pay off my mortgage as this is the one major worry that I have, I dont want to lose our home due to not being able to afford the mortgage.

 

I knew that this time would come but didnt expect it to start at 55 and thought my mortgage wuold be paid off by the time it started.

 

I just wondered if anybody could help, I cannot see anything regarding this on the MPS website.

 

Many thanks

Alamand

[honeybee13]

Hello there.

 

I'm not really up to speed with current pension rules, but I think the reasons you might be able to commute a pension are on the grounds of 'triviality' or ill-health.

 

Try ringing the Pensions Advisory Service, they should be able to talk you through this. Their advice is good and it's free.

 

https://www.pensionsadvisoryservice.org.uk/ask-us

 

HB

[ericsbrother]

no you cant. Never was and never will be a possibility to do that so even if you hadnt taken your pension yet the answer would be the same.

[honeybee13]

I thought that too, EB, but a couple of things I read online made me think it's just possible there have been changes. TPAS are best placed to advise.

 

HB

[alamand]

Thank you. I will ring the advisory service for advice.

I didn't think it would be possible, but thought I would ask, as you say there has been a lot of changes.

Alamand

[ericsbrother]

the changes have never affected final salary schemes and are not retrospective.

If they were applicabe to FSC's and you hadnt taken your pension yet there would be a cap on what you would get as a lump sum anyway as the money isnt yours as such, it belongs to the scheme and they pay it out according to their rules. If the trustees changed the rules so every future pensioner only got a penny allocated to their personal pot that would be tough luck but legally allowable.

You have the best deal you could have possibly ever had.

[ericsbrother]

now you know this I hope that you steer clear of any company that says they can get you a lump sum instead, you will be paying them for nothing and may lose every penny of your future income.

[alamand]

Thank you for your replies.

I think I will leave it alone. It was just an enquiery as I have had to finish work thru ill health and am just looking to try and sort my finances out, with just 3 years left on my mortgage I was just looking if I could get any capital to pay it off.

 

Alamand

[honeybee13]

Hello again. Did you speak to TPAS?

 

You could always start a new thread in the mortgages forum to discuss this more, or the relevant forum if you have other debts.

 

HB

[alamand]

No I didn't, I have been reading a lot on the net and don't think you can but I am ringing them about a small little pension from years ago so I will mention it then.

Alamand

[ericsbrother]

that will be worth trying to get as cash under a trivial capital scheme. The amount that counts as trivial will depend on what other income you have as well as the amount of the pot so having the miners pension will be an advantage with this one!