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frozen pension
samg_4
Posts: 1 Newbie
hello new member seeking help/advice.i am 50yrs old and have had a frozen pension from a previous employer over 25yrs ago.i have never bothered with it up untill now.just wondering is there anyway i can cash this in ie release the money in it .its a standard life with proffits pension with a tranfer value of around £11.500.thanks paul.
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Comments
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What do you want to do with it?
If you still want it invested, SL have a good range of funds which you may already have access to. It is possible, given the timescale, that this plan has guaranteed annuity rates which are best held until 60 at the earliest. These can be extremely valuable.
At age 50, you can only access 25% of the value and cannot get any more until age 60 at the earliest. Ideally, you dont really want to be touching any of it now. Although a review on it's ongoing suitability would be a good idea.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 -
At age 50, you can only access 25% of the value and cannot get any more until age 60 at the earliest.
Not so. As well as the tax free cash of 25%, at 50 you can take an income from your fund, which can remain invested, of 120% of the value of an annuity.
With a small fund like that you would be best to move it to a low cost SIPP to do this, however if it has protected rights (SERPS related ) money in it, you can't yet do this: from next April it should be possible.Trying to keep it simple...
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