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pension advice please
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bellkat
Posts: 328 Forumite
I will be 50 in December.
I have a final salary deferred pension with a bank I worked at for 12 years.
Can I take a 25% lump sum from this pension, or would I have to transfer the pension to a private one.
I am aware that I would lose benefits by transferring the pension.
Thankyou in advance for any advice.
I have a final salary deferred pension with a bank I worked at for 12 years.
Can I take a 25% lump sum from this pension, or would I have to transfer the pension to a private one.
I am aware that I would lose benefits by transferring the pension.
Thankyou in advance for any advice.
New Year New You Challenge - 13.5lbs/10lbs
Spring Into Spring Challenge-2.5lbs/10lbs
Slimming World Total Loss - 2 stone 3lbs
Spring Into Spring Challenge-2.5lbs/10lbs
Slimming World Total Loss - 2 stone 3lbs
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Comments
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Yes you can. (its not quite as straightforward as 25% for a final salary pension though!)
Be warned however that if you retire at 50 your final salary pension is likely to be reduced significantly
Thanks
JonathonI have worked for 5 years as a Pension Administrator and then a further year in a non-administrator pension role. I am not (and never have been) an adviser. Do not take anything I say as advice, it is information given on the best of my knowledge.0 -
Why would you want to?
Does the scheme allow it?
What penalties would there be if you do?
What level of pension would you lose to allow you to do it?
Without knowing the figures I think you would be daft to do it. The amount you are likely to lose is going to be be massive.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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