[David with a dream]

Hi, no doubt this question has been asked before but I will ask it again anyway. Is it true that when you retire you are given the option of receiving your pension as a lump sum.........Any pension info would be good..Cheers.....David

[Smiler]

Hi David

Do you mean your pension with your employer? If so, it should say in the contract.

Some organisations, like some local governents or police forces make a lump sum payment and then a monthly payment too. :clap

[David with a dream]

Hi Smiler and ta for the reply. I was meaning if I transfur my private UK pension fund to an NZ fund (if this is possible) then when I reach retirement can I take it as a lump sum? Cheers........David

[Smiler]

Hi David

I dug out my paperwork :uhoh

With the plan I took out I can do most anything when I turn 50.

I'll have full access to the spondoliks and can take it all in a large duffel bag if I want. I can obviously leave it all there and add to it, or I can take regular payments.

If 'anything happens' between now and then, I can apply to withdraw money if I'm made redundant, emigrate from NZ permanently (not likely), become unemployed, or disabled or experience financial hardship.

Until I get to 50, I could also withdraw up to 20% of it in any one year or apply for a payment out of the plan for any of the above reasons or any other reason which they will consider. :confused:

I just spoke to the bank who arranged all this for me and the nice lady has mailed me a pdf for you, so if you want some bedtime reading, pm me your email addy.

Speaking to her also reminded me they did all of this for free. They have been excellent with their communication and pushing this through in a reasonable time. One other organisation we approached charged minimum $5000 or 5%.

We are having fun just sitting on the cheque for a few days to see what the exchange rate does. When she phoned to say the cheque had arrived, she was so thrilled you would have thought it was her money. :clap

HTH