retirement option ending june 2009

donnellap

Hi

I am dealing with my fathers finances, he is living in cyprus and has invested in a pension with AIG due to end june 2009, he is now 60. valued at 24k.

He also has an endowment policy expiring this month too, and the state pension when 65. (as he worked in the uk for over 25 years)

Question: besides the 25% cash free lump sum, how can he take the rest of the 18k out asap to enjoy it or make the most of it for his wife or family?

Debt_Free_Chick

donnellap wrote: »

Hi

I am dealing with my fathers finances, he is living in cyprus and has invested in a pension with AIG due to end june 2009, he is now 60. valued at 24k.

He also has an endowment policy expiring this month too, and the state pension when 65. (as he worked in the uk for over 25 years)

Question: besides the 25% cash free lump sum, how can he take the rest of the 18k out asap to enjoy it or make the most of it for his wife or family?

He can't take it as a lump sum. His only option is to take it as a pension i.e. regular, usually monthly, income.

bendix

Debt Free is right. He can only take £6000 out as cash. The other £18k needs to be reinvested and here's hoping he can make a decent return on drawdown, or he can buy an annuity which - according to my back of the envelope calculations - would earn him no more than £90-£100 a month.

EdInvestor

Have you checked how much he is likely to get from the 2 state pensions?

https://www.thepensionservice.gov.uk