My hubby used to work for the Ford Motor Company a number of years ago, until he gave up work through ill health. He has arthritis in his spine.
Last November he turned 60 and he was told he had to transfer to Pension Credit. So we put in the application and he became entitled to Pension Credit from the beginning of May this year.
Before the PC went through, he received a letter from Ford Motor Company saying they had received a request from PC about his pension fund. This was something he had never thought about and had forgotten he had paid into it.
Today he received a letter saying he was entitled to a sum of money when he reaches the age of 65 years. The sum in question is £2,000
This was a contributory pension fund. The letter also confirms that this is a Guaranteed Minimum Pension and he is not eligible for early retirement.
Can anyone advise if the £2,000 is per annum and this will be received weekly/monthly. So approx £40 pw.
If this is a £40 weekly payment, will this £40 pw amount be deducted from our PC?
Or is this a one off payment? Can this pension be cashed in now?
Typical that the letter arrives on a weekend and no one to answer our questions.