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    • lemonade_lifestyle
    • By lemonade_lifestyle 13th Jun 17, 12:33 PM
    • 352Posts
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    lemonade_lifestyle
    Husband considering taking something out of his 'pots' when he reaches 55
    • #1
    • 13th Jun 17, 12:33 PM
    Husband considering taking something out of his 'pots' when he reaches 55 13th Jun 17 at 12:33 PM
    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
Page 1
    • xylophone
    • By xylophone 13th Jun 17, 12:44 PM
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    xylophone
    • #2
    • 13th Jun 17, 12:44 PM
    • #2
    • 13th Jun 17, 12:44 PM
    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?
    • justme111
    • By justme111 13th Jun 17, 1:05 PM
    • 2,614 Posts
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    justme111
    • #3
    • 13th Jun 17, 1:05 PM
    • #3
    • 13th Jun 17, 1:05 PM
    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
    Originally posted by lemonade_lifestyle
    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.
    • Linton
    • By Linton 13th Jun 17, 1:25 PM
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    Linton
    • #4
    • 13th Jun 17, 1:25 PM
    • #4
    • 13th Jun 17, 1:25 PM
    "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.
    • dunstonh
    • By dunstonh 13th Jun 17, 1:45 PM
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    dunstonh
    • #5
    • 13th Jun 17, 1:45 PM
    • #5
    • 13th Jun 17, 1:45 PM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Browntoa
    • By Browntoa 13th Jun 17, 1:49 PM
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    Browntoa
    • #6
    • 13th Jun 17, 1:49 PM
    • #6
    • 13th Jun 17, 1:49 PM
    Am also thinking cold calling "pension advisor" probably from Cyprus
    I'm the Board Guide of the Referrers ,Telephones, Pensions , Shop Don't drop ,over 50's and Discount Code boards which means I'm a volunteer to help them run smoothly and I can move and merge posts there. However, please remember, board guides don't read every post. If you spot an inappropriate or illegal post please report it to forumteam@moneysavingexpert.com Any views are mine and not the official line of MoneySavingExpert.
    • atush
    • By atush 13th Jun 17, 3:44 PM
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    atush
    • #7
    • 13th Jun 17, 3:44 PM
    • #7
    • 13th Jun 17, 3:44 PM
    "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/
    • lemonade_lifestyle
    • By lemonade_lifestyle 13th Jun 17, 11:59 PM
    • 352 Posts
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    lemonade_lifestyle
    • #8
    • 13th Jun 17, 11:59 PM
    • #8
    • 13th Jun 17, 11:59 PM
    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.
    • lemonade_lifestyle
    • By lemonade_lifestyle 14th Jun 17, 12:00 AM
    • 352 Posts
    • 83 Thanks
    lemonade_lifestyle
    • #9
    • 14th Jun 17, 12:00 AM
    • #9
    • 14th Jun 17, 12:00 AM
    Your husband will need to request the information.

    Are these deferred defined benefit pensions?
    Originally posted by xylophone
    I will be writing the letters on his behalf and he will sign them!
    • justme111
    • By justme111 14th Jun 17, 8:09 AM
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    justme111
    Nobody thought you are cold calling. They thought YOU were contacted by some dodgy cold calling "advisor".
    • lemonade_lifestyle
    • By lemonade_lifestyle 14th Jun 17, 8:27 AM
    • 352 Posts
    • 83 Thanks
    lemonade_lifestyle
    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.
    • Malthusian
    • By Malthusian 14th Jun 17, 11:12 AM
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    Malthusian
    You shouldn't need to obtain any information before meeting an adviser. If you want to go ahead with the adviser they will get permission from your husband to write to the pension companies and ask them for all the information they need. Even if you did get statements, the adviser would probably do the job all over again because they will need up to date information and the ability to go back to the providers and ask them for more details.
    • Linton
    • By Linton 14th Jun 17, 11:37 AM
    • 7,894 Posts
    • 7,701 Thanks
    Linton
    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.
    Originally posted by lemonade_lifestyle
    As Malthusian says, with your permission the advisor will be able to get all the information required.

    Your groundwork should be to think through why you want the money now as opposed to taking it later when you both retire. As part of this you could find out exactly what pensions and savings you have now to pay for your retirement and have some idea as to how much income you will need to provide your desired standard of living. A plan showing how much you expect to spend each year and where the money will come from would be helpful.

    Taking pension money when you dont need to is often a bad idea as it may significantly reduce your standard of living when retired. A good advisor should discuss this with you and help you understand the consequences. A bad unregulated advisor may do the job, charge you for it and then persuade you to invest the rest of the money somewhere unsuitable, hence our concern as to whether your advisor is properly authorised.
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