lump sum contracted out

yorkshireterr

I am a 58 year old man and I contracted out of serps in 1987. I stopped working due to illness in 1996. The pension policy is with prudential and is approx £27000. I have asked prudential what my options are and I am able to take 25% in cash and a small pension sum. What I would idealy like to do is take the cash sum and leave the rest building up. This is not possable with prudential. My question is, is this possable with maybe another provider if I transfer the fund?. Thank you in advance for any help.

dunstonh

It is possible with Selestia and Scottish Widows and a small number of others.

EdInvestor

Any further details DH? Is it clear Widows will take small funds?

There will be a lot of people wanting to know about this now that the DWP has put off the decision on lettting PR money into SIPPs.People were waiting to do this to take their tax free cash and get their money out of zombie funds and into something that will grow..

It's really too bad of the DWP to be so lackadaisacal.

dunstonh

I havent looked at the specifics of the widows contract. Selestia will take it at that size. I just mentioned widows following the other thread we were on.

EdInvestor

I hear that both Standard Life and L&G have the facilities to do PR drawdown, and am investigating what restrictions, if any, they may have. Although the lifecos typically have a 100k minimum fund value guideline on drawdown, if there is a separate non-PR pension in a SIPP drawdown, this would be included in the total it seems - which would be logical, as the restriction only seems to relate to the risk aspect.