A neighbour of mine has retired over the last few weeks. When talking to him recently he said he had taken his pension in full and had decided not to take a retirement gratuity. I told him I felt this was a mistake as the tax free treatment of the gratuity made this more attractive than the net pension after tax he would have foregone. He has approached his employer to see if he can change his original choice. They will not accommodate him and say his original choice cannot be amended.
He was able to tell me that his employer had not bought an annuity but were paying his pension directly. This would seem to me to make it easier for them to accommodate him.
Is there any way he can now take a gratuity?
He was able to tell me that his employer had not bought an annuity but were paying his pension directly. This would seem to me to make it easier for them to accommodate him.
Is there any way he can now take a gratuity?