£10000 loan or PENSION POT

richardwills

I need £10000 in May I am 60 and I have a very small pension pot approx £42000. I have no intension of retiring and I would prefer to carry on investing into a pension. As I see it my best option is to take lump sum and re-invest into an unsecured pension . My question is as the pot is so small would it be cheaper for me in the long run to borrow the £10000 from Sainsbury's

iolanthe07

This is too important a decision to leave to a bunch of amateurs on a board like this. Take proper advice from a licensed financial adviser.

Jeff_Bridges_hair

I am not going to say take the loan but what i will say is that pension pot is very small so there will be little money in it for a lump sum.

As iolanthe07 said - go see a proper financial advisor

Rainmaker_uk

iolanthe07 wrote: »

This is too important a decision to leave to a bunch of amateurs on a board like this. Take proper advice from a licensed financial adviser.

I think you'll find that there are some quite qualified people on this board who can help - including a not insubstantial number of qualified IFAs.

Regardless it can be a useful place to get indeas to float with your own IFA.

That said I think you will get a better response if you post on the pensions board rather than the loans board as you tend to get more IFAs reading.

BugsyBrowne

iolanthe07 wrote: »

This is too important a decision to leave to a bunch of amateurs on a board like this. Take proper advice from a licensed financial adviser.

Totally agree, mostly the answers on these forums consist of hear-say rather than facts..
As this is a big commitment I would advise a financial advisor..
But also have a float about on one of these threads as their are plenty of members who will point you in the right position.