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take lump sum or take 10 pound extra weekly in UK pension

thebourke · 2011-05-16 14:49:39

My mother recently turned 65 and is in receipt of a pension from the UK. However,we recently found out that she could have got the pension since she was 60. We wrote to them asking could we get it backdated to that age.They wrote back and gave her two options. 1.Take a lump sum of 5,300 pounds.This could be subject to tax…

16-05-2011 2:49pm

#1

thebourke

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Join Date: November 2006

Posts: 783

My mother recently turned 65 and is in receipt of a pension from the UK.
However,we recently found out that she could have got the pension since she was 60.
We wrote to them asking could we get it backdated to that age.They wrote back and gave her two options.

1.Take a lump sum of 5,300 pounds.This could be subject to tax of 20 percent.
or
2.Get an extra 10 pounds a week for the rest of her life.
She has three months to decide.
Anybody in a similar situation?Which option should she choose?

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