Husband considering taking something out of his 'pots' when he reaches 55
lemonade_lifestyle
Posts: 355 Forumite
Can anyone give me advice on what information I need to obtain from the pension companies my husband has company pensions with before he has a meeting with an independant pensions advice company?
He will be 55 in November and is looking to release some money from at least one of his pensions he has.
I just need to know to which dept we address our letters too and what type of statements/information we will need to start our journey through pension confusion,
Many thanks
He will be 55 in November and is looking to release some money from at least one of his pensions he has.
I just need to know to which dept we address our letters too and what type of statements/information we will need to start our journey through pension confusion,
Many thanks
:silenced:
0
Comments
-
Can anyone give me advice on what information I need to obtain from the pension companies my husband has company pensions
Your husband will need to request the information.
Are these deferred defined benefit pensions?0 -
lemonade_lifestyle wrote: »Can anyone give me advice on what information I need to obtain from the pension companies my husband has company pensions with before he has a meeting with an independant pensions advice company?
He will be 55 in November and is looking to release some money from at least one of his pensions he has.
I just need to know to which dept we address our letters too and what type of statements/information we will need to start our journey through pension confusion,
Many thanks
I guess contacting their HR departments and asking ?
What information- all they have available. What is the value of pension , can he take it now or if not when , what are conditions of taking it now versus later , can he transfer it , can he take it /part of it as a lump sum etc. They would have standard form in which they provide info so just getting any non specified information and giving it to advisor would be reasonable first step methinks. If an advisor needs more info they would let you know and explain what is what as you /your husband may find it difficult to understand jargon and supposedly that is why you ask for advisor services.The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
"an independant pensions advice company" raises some concerns. How did your husband come to hear about them? Are they registered/regulated IFAs?
If the pensions are simple DC pensions then you can do all the work yourselves. You may be able to access the tax free lump sum from the pension company. If not you would need to transfer the pension to
another pension company that can provide access. You transfer a pension in much in the same way as transferring an ISA. Just ask your chosen new supplier to transfer in the pension.
Much of the information you need may be on the annual statements. Things like the pension company's name, address and pohone number , account name/ numbers and a statement of pension value. Rather than writing letters you can normally just phone the pension company's customer support line.
things may get more complicated if:
- the pensions are not simple DC and provide some type of guarantee
- your husband is still working and paying into any of the pensions
- he wants to access more than the 25% tax free lump sum
If you can give us more information on the pensions and what you husband plans to do with them we can go into details if necessary.0 -
Is this the 25% tax free amount (or some of it) or a withdrawal against the 75% amount too?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
Am also thinking cold calling "pension advisor" probably from CyprusEx forum ambassador
Long term forum member0 -
"an independant pensions advice company" raises some concerns. How did your husband come to hear about them? Are they registered/regulated IFAs?
Exactly my thoughts when I read the OP.
OP, give us more information on this so called company/0 -
quite funny really. I am not cold calling anyone and I am sorry I haven't not replied sooner. However I am at work!
I won't just be contacting any Tom !!!! or Harry company.
We simply find pensions very confusing and I was after some advice on how to get started.
He will be looking to possibly take his 25% tax free lump but again this is all just ideas at the moment.
I will look into the actual type of pensions he has once I've finished my run of shifts.:silenced:0 -
-
Nobody thought you are cold calling. They thought YOU were contacted by some dodgy cold calling "advisor".The word "dilemma" comes from Greek where "di" means two and "lemma" means premise. Refers usually to difficult choice between two undesirable options.
Often people seem to use this word mistakenly where "quandary" would fit better.0 -
Ok, fair enough. Night shifts adle your brain!
We have not contacted anyone for advice yet. Feel it is pointless without us doing any ground work.
Pensions are a complete mind field which is why i would appreciate any info even the most basic.
Will add more info when ive slept.:silenced:0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards