With Profit Policies

spikeyhedgehog

I recentley recieved a letter about a with profit policy I have...not knowing what this was about (having only paid into it for 3 years back in 1988/91) I gave the company a call to be told I had nearly £5000 BUT I wasn't able to get at it till I'm 60 as I'm only 42 that seems a long way off can I get at it somehow or not ???? I could really find a use for it right now

EdInvestor

You can;t get any cash out of it till you're 55, when you can get 25%.The rest you can never get.

I would consider it part of your long term pension money.It probably should be moved out of With profits into better performing funds.

Who is the provider?

spikeyhedgehog

T:mad: he provider is Pearl Insurance how do I move it and where to

dunstonh

It wouldn't be a pension if you could draw it before a sensible retirement age.

Pearl are quite a weak insurance company now. For post 1988 plans (prosperity Version 1 yours will probably be) they havent paid a bonus in the last 6 years and its unlikely that things will improve much.

Pearl do charge a hefty transfer penalty but anyone that transferred out of Pearl 18 months ago would be in profit now so its just a step backwards to go two forward. However, it isnt something you should do purely on the basis of what you read here. You should get the plan reviewed if you are not able to analyse it yourself