Pension help if possible

ukmartian

Could someone please advise me on my pension ....I am now being forced to utilise my private pension as being out of work for well over a year my insurances have run out . I still need to pay my mortgage and thankfully my pension will supply some funds for a limited period...My pension company has given me 3 options 1 a cash lump sum and a reduced pension ...2 a lump sum and a open option . and 3 a open option .....I need the lump sum , but could someone advise on the procedure to transfer the remaining balance to another company and what it entails pitfalls etc as that will at least give me some income if i reach retirement...also i have found this service on the web are they OK http://www.local-pension-advisor.co.uk....Ps i cannot afford a financial advisor...

xylophone

Are you getting all the benefits to which you are entitled?
You say you are being forced to draw your pension - by which agency?
How old are you?

dunstonh

Ps i cannot afford a financial advisor...

An IFA will likely come in with the best figures and allow their fee to be taken from the pension product.

https://www.unbiased.co.uk (search by postcode to find your nearest)

atush

You need to tell us more. How old are you? They can't MAKE you take your pension until you are old enough (which is why pensions are safer than ISAs in this regard).

And as regards any lump sum, while this might be attractive, we'd need to know the amt of any assets/cash to say if you should take Any LUMP SUM as you might be better off with higher income.

When and if you decide to give further details, some here can help more. But I'd advise posting on the benefits forum as well

ukmartian

Thanks for the replies .....Firstly I am 56 yo ...when i say forced i mean that circumstances dictate that i just cant survive on what we get ...my wife has 2 part time jobs meaning i no longer qualify for job seekers i am at the moment arguing with the Tax credits as they have based our award on 2011 -2012 income which unfortunately had my redundancy and notice period payments ...I have given them a estimate for this year but at the moment they have awarded us £80 a month....Unfortunately like many I have a bank loan which is on minimum payments plus the mortgage ..my council have also just demanded £1100 to be paid before march ....they say the job centre told them i was not getting JSA when i was ...I dont need the money for 'now' but to subsidise and give me more time to find a job before everything comes tumbling down around me...I estimate that it will 'buy' me another 10 months on my mortgage maybe longer if my mortgage lender is nice to me and extends my interest only period...I am just one of the unfortunate victims of the times ...At the moment i can no longer plan long term ..i have to plan for day to day