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Glorified saving plan - not Pension

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Hi all, been a while since I've posted on here, but we need help.

Just traced an old Pension of hubbies and it amount's to just over £13,000, but having phoned to find out further details, have been informed that it's just that a lump sum!!, nothing else. No income, no pension nothing! just a Lump Sum of £13,069.

Seem's like someone gave him bad information over 40 years ago.


We are waiting on a CETV, but our plan's on buying a little holiday retreat have gone.

However, we would like advise as to whether this minimal sum is worth doing anything with Pension wise, as hubby is 62 this year or should he just spend it?

(thank goodness for the state pension(eventually).


Any well meaning advise welcome.


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Hello there.


Have you had this information in writing please? It's hard to advise if we don't know what the plan is called, who it's with and why they want you to take it as a cash lump sum.


Have you been getting annual statements about the plan?



Illegitimi non carborundum




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All he has received is a PCLS, to sign and send back. Nothing else.

The last statement we have is dated 1999 (we moved in the October of that year).

But they are saying the pension is from 1980 to 1995 (company taken over by Hanson in 1995 and closed down in 2003 and no pension was taken out for these 8 years apparently).

Telephone this morning to Capita, resulting in them saying that's it, that's all he's getting!!

However, after the telephone call hubby received a letter confirming CETV was being actioned and would be forthcoming.

So, if it's not a pension how can they put a CETV together??

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Could you explain PCLS and CETV please?


PCLS: Pension Commencement Lump Sum


CETV: Cash Equivalent Transfer Value





No... you can't eat my brain just yet. I need it a little while longer.

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He started off just looking to find the plan, then paperwork was sent giving the figure of £13,000 and a form to accept this as a lump sum, we are battling to get further information in writing and so far telephone calls have stated that is it, no weekly or yearly pension, just a lump sum, basically plucked out of thin air?? no figures to back it up, no other correspondence and we requested the CETV just out of speculation and so far it has taken over a month to give us this. Was advised by tel phone call to await the CETV as it was being worked out.

But, surely some figures should have been forthcoming? in that they must have some in order to work out the lump sum!!

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If he left the company pension scheme then the money held in it will have been frozen so there will be no gains to be had, everyone else active in the scheme gets that. Agree with honeybee, find out the name of the scheme and write to the trustees to see if the correct interpretation has been applied. If you get no joy there then it is to the Pensions Advisory Services and finally the Pensions Ombudsman if their is an error or wrongdoing.

Does he have another pension scheme that monies can be transferred into? If so that will happen without the taxmand taking a bite and give some opportunity for further growth

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