Equitable Life payment and my pension

barryd999

Many thanks for the replies and I am very sorry I havent come back until now. I got called away on business and have also had no internet access for over a week.

I cant pretend to understand what your telling me but it is clear that my money is still there which is a relief!

So I need to see if it has a GIR applied and if so it could even be worth staying with EL? Is that correct so far?

Im guessing this pension is tied up until I am of a certain age (currently 46). I cant just cash it in or move it into some other investement?

I guess I should see an advisor as I am pretty much at a loss what to do with it.

Thanks again

Thrugelmir

Annual statement is pretty straightforward to comprehend. This is the amount that you'll have to buy an annuity (or can take up to 25% as a tax free cash lump sum) from age 55. Obviously if you leave the funds invested they'll continue to grow.

barryd999

Thrugelmir wrote: »

Annual statement is pretty straightforward to comprehend. This is the amount that you'll have to buy an annuity (or can take up to 25% as a tax free cash lump sum) from age 55. Obviously if you leave the funds invested they'll continue to grow.

Ok thanks. So just for my battered brain if I have £100000 with them (would be nice), if I like when Im 55 I can have that as an annuity where they will pay me a set amount until I die. Or I can have £25000 as a lump sum. Correct?