My mrs left a job in 1978 with a "frozen" pension. It was due to be taken in Aug 2010 when she was 60.
They have offered her:
- A pension of 1100 per year, or
- 5000 + a pension of 760 per year
We think (2) is much better than (1), but would prefer to take a "transfer value" into a SIPP, then take 25% lump and do draw down.
The company concerned say this is not possible because the pension was frozen in1978, and she didn't take on her 60th birthday.
Can this be true ?
TIA.