House Of Fraser Pension

[Heatherbegg]

I have received a letter from house of fraser to say I have a pension with them I only payed in £460 the whole time I was there they are now saying I could take a lump sum of£16'000 should this be right I feel as though it is a scam HELP PLEASE

[DJHawkes]

like me you will have been getting those pink booklets for the past couple of years and it explains in the pack that it is merging it's 3 pensions schemes. you've done well, it says we get it 29th november.

[Heatherbegg]

Have u sent your letter away yet

[Heatherbegg]

Have had so much through from the h o f group regarding pension cause it was only a small amount I didn't think anything about it so roll on the 29th of November.

[dasherman]

It sounds like it could be some sort of pension buy out to me where they're giving you a pay off to get rid of you. Companies do this because it saves them money in the long run and if they're saving money, you are losing it!
I would think long and hard about taking the money and preferably take proper financial advice as in pension terms it's almost always a bad decision.

[Hymie]

I would agree with what factor-fiction and dasherman have said.

From my knowledge of pensions, the rules do not allow you to access money from your deferred House of Fraser pension until you reach 55.

Possibly House of Fraser are being very naughty and getting out of future pension liabilities by paying you off – and damn the consequences. Claiming that the money has been released to you, specifically to invest in another pension scheme (knowing that is not the case).

For every £1 of annual pension pay-out, House of Fraser should be paying you close to £20. Without knowing what your pension is projected to pay-out at age 65, you cannot make an informed decision as to whether taking the money is a good deal or not.

If you do take the money, make sure you keep copies of all paperwork received and sent – if at some future date your tax liabilities are questioned in relation to the pay out; you may be able to claim compensation from House of Fraser.