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  • FIRST POST
    • covey63
    • By covey63 19th Jun 17, 2:32 PM
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    covey63
    Pension income drawdown facility
    • #1
    • 19th Jun 17, 2:32 PM
    Pension income drawdown facility 19th Jun 17 at 2:32 PM
    Hi - my husband has a couple of pensions and now he is over 55 can take upto 25% of his pensions. One company has given us a yearly statement, showing all the breakdowns, incl the money we would receive for the 25% early payment. When we requested taking this money, we kept being sent the same quotation paperwork on how best to go forward with the pension. Their final letter has now stated they do not offer any income drawdown facility on this particular pension

    Can we still pursue the 25% through the current pension or should he consider moving the whole pension into his other pension - as this was also a question asked if we wanted to move the pension at the beginning of the letter.

    Thank you in advance for any assistance and an explanation of how we can go forward. This is one of the larger pension companies, not a small company
Page 1
    • DancingBadger
    • By DancingBadger 19th Jun 17, 2:49 PM
    • 134 Posts
    • 102 Thanks
    DancingBadger
    • #2
    • 19th Jun 17, 2:49 PM
    • #2
    • 19th Jun 17, 2:49 PM
    If the provider doesn't offer drawdown your husband will need to transfer his pension. That's the short answer.

    If you can provide more information - fund size, assets, whether or not you have a mortgage, etc - other posters will be able to provide more helpful answers.
    • xylophone
    • By xylophone 19th Jun 17, 2:53 PM
    • 22,880 Posts
    • 13,234 Thanks
    xylophone
    • #3
    • 19th Jun 17, 2:53 PM
    • #3
    • 19th Jun 17, 2:53 PM
    Are these standard Defined Contribution/Money Purchase/personal pensions?

    If so, and drawdown is not offered, your husband would transfer to a provider offering drawdown.

    https://www.pensionwise.gov.uk/en
    • covey63
    • By covey63 19th Jun 17, 3:01 PM
    • 4 Posts
    • 0 Thanks
    covey63
    • #4
    • 19th Jun 17, 3:01 PM
    • #4
    • 19th Jun 17, 3:01 PM
    Thank you and thought this would be the answer but his other pension does offer this facility so will talk to them about transferring. Kind regards
    • dunstonh
    • By dunstonh 19th Jun 17, 4:36 PM
    • 89,488 Posts
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    dunstonh
    • #5
    • 19th Jun 17, 4:36 PM
    • #5
    • 19th Jun 17, 4:36 PM
    This is one of the larger pension companies, not a small company
    its not the company that matters. It is the product you have that does.

    To put it another way, its like having a black and white TV from Sony and expecting it to be able to do widescreen HD.

    Do you need the 25% all up front in one go? Many people do not and just end up putting it in a bank account which is not a good idea. Phased flexi-access drawdown may be better.
    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.
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