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Partial Surrender of With Profits Pension.
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Philf_2
Posts: 1 Newbie
Hello,
I have a letter from Friends Provident saying that a 6 month delay on Property Funds switches and transfers has been lifted .
Can I as a policy holder ( 45 years old ) withdraw funds partially ? By this I mean transfer some of my "Property Fund" into a private account ?
FP have stated that they have had requests from policy holders wishing to request surrenders , partial surrenders , new regular withdrawals , switches and transfers out of funds .
My fund is Commercial Property C - With Profit C - Mixed C .
Does this mean that I can withdraw money ?
Iam not a finance expert by any means so any advice would be a great help !
At the end of the day it is my money whatever any policy says !
Thank you , Phil.
I have a letter from Friends Provident saying that a 6 month delay on Property Funds switches and transfers has been lifted .
Can I as a policy holder ( 45 years old ) withdraw funds partially ? By this I mean transfer some of my "Property Fund" into a private account ?
FP have stated that they have had requests from policy holders wishing to request surrenders , partial surrenders , new regular withdrawals , switches and transfers out of funds .
My fund is Commercial Property C - With Profit C - Mixed C .
Does this mean that I can withdraw money ?
Iam not a finance expert by any means so any advice would be a great help !
At the end of the day it is my money whatever any policy says !
Thank you , Phil.
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Comments
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Can I as a policy holder ( 45 years old ) withdraw funds partially ? By this I mean transfer some of my "Property Fund" into a private account ?
No you can't. You have to be 55 to do that.At the end of the day it is my money whatever any policy says !
It's not though - it's held in trust for you until you are able to access it under pension regulations.0 -
No, all you can do is transfer it into another fund or another pension plan.0
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Hello,
Can I as a policy holder ( 45 years old ) withdraw funds partially ? By this I mean transfer some of my "Property Fund" into a private account ?
My fund is Commercial Property C - With Profit C - Mixed C .
At the end of the day it is my money whatever any policy says !
Yes...it is YOUR money... but with a few caveats!
I have a similar situation but with Std Life.
You should be able to transfer your property fund money to an alternative pension scheme.
With Std Life they threatened to impose the (30%) With Profits MVR on me if I did this, but further investigations (by me) revealed that my funds are split into different segments so I can transfer the Property segment without affecting the WP segment.:T
Good Luck!THE NUMBER is how much you need to live comfortably: very IMPORTANT as part 1 of Retirement Planning. (Average response to my thread is £26k pa)0 -
I have a letter from Friends Provident saying that a 6 month delay on Property Funds switches and transfers has been lifted .
That letter is late. FP lifted the restrictions about a year ago.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
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