Can a lady who retired 2 years ago[at 60] and is paid state pension be denied a private pension payout till 65

Question

Can a lady who retired 2 years ago[at 60] and is paid state pension be denied a private pension payout till 65

Answer 1

Of course, If that was the original deal when the private pension was taken out....

Answer 2

It is possible that some (or even all) of her private pension might be held back by a private pension, but it seems unlikely. Some occupational pension schemes – typically final salary schemes – which were contracted out of the State Second Pension (formerly SERPs), stipulated that the portion of your scheme pension which represented a replacement for the state benefits you have given up by contracting out, would not be paid until the state pension fell due. Having said that, her state pension would ordinarily have fallen due at age 60, so I would not expect this ‘clawback’ to now apply to her. The only way to get a definitive answer is to check the scheme rules, or to contact the scheme administrators for an explanation.

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Answer 3

Yes. It all depends on what the conditions were when the pension was taken out. She must have signed the agreement which says she wanted to start receiving payouts from the pension fund at age 65.