One Off Lump Sum Payment

[wan_amri]

I am not sure whether this is the right category for the question I am going to ask.

I am a widow and I have been receiving a private widow pension from my late husband's employer monthly for almost 4 years now. My late husband's employer is one of county councils in England.

Am I eligible to ask for an one off lump sum payment instead of receiving it monthly from my late husband's employer?

Thanks.

[fiction-factory]

I'm sure that if you are already getting a regular pension you can't exchange it for a lump sum. the option to take lump sums only comes at the time you start to take a pension. Unless there are some terms in the scheme or some obscure exceptions then the answer seems to be no.

[fiction-factory]

You could ask them though- they may allow you to buy it out- I have ever heard of that happening though.

[fiction-factory]

^ or rather they would 'buy it out'

[atalanta]

If you want a lump sum to pay off an expensive mortgage or loan, this may be a good idea. But if you want it in order to invest it elsewhere, it is probably not a good idea, as interest rates are dreadfully low at the moment.

[ubasses]

If it is a Defined Benefits Scheme based on final salary and the value of the pension pot is over £30,000, or he has any other pensions which when added together come to that amount, you would not be able to take it as a lump sum.

[wan_amri]

I am a bit confused of whether all of you responded thinking that was my private pension.

Let me explain of my situation in details. Before my husband died, he worked for county council where we live in. During this working time, he belonged to a private pension scheme member with his employer.

Then my husband died almost 4 years ago. He died within service. As his wife, I have been receiving a survivor's private pension every month.

So I want to know from now on, instead of being paid monthly, can I be paid an one off lump sum payment so that the money I would be receiving could be used for something that is really useful to such as paying off my loan, etc.

Thanks.

[wan_amri]

Correction:

"I am a bit ... thinking that was my private pension." This should be "I am a bit ... thinking that It was my private pension."

[fiction-factory]

No, my answer was based on what you asked.
I am not sure though whether one of the answers realised that this is an existing (widow's) pension that is already in payment.
Whilst i doubt it can be done I would suggest asking the pension scheme.

if you need cash now you might be able to take a loan and use the income from the widow's pension to make the repayments

[ubasses]

I thought that County Councils were in the Local Government Pension Scheme which works the same way as a Defined Benefit. It makes no difference that the Pensionholder has died and the Pension is being paid to his Widow.
My previous answer was given in the full understanding that it was not the OP's pension.
As the Council pension is considered 'gold plated' it would be very unusual for an employee not to be a member of it. If it is definitely a Private Pension then it is most likely that an Annuity has been purchased to pay the pension in which case, no it cannot be cashed in.
New rules may be coming in next year where you would be allowed to sell the Annuity for a lump sum if you can find a buyer.
The only people who can give you all the information are the Pension Company themselves.