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pension lump sum payout
Proud2B
Posts: 1 Newbie
Hi,
I wondered if anyone could help to advise or point me in the right direction for information and advice, please?
Basically I was made redundant and took part of my pension as a cash lump sum. I have been given mixed information about what to do with these funds, from 'I should not have taken the funds', to 'buy bonds' or 'invest in an annuity'. Any help offered would be appreciated.
I wondered if anyone could help to advise or point me in the right direction for information and advice, please?
Basically I was made redundant and took part of my pension as a cash lump sum. I have been given mixed information about what to do with these funds, from 'I should not have taken the funds', to 'buy bonds' or 'invest in an annuity'. Any help offered would be appreciated.
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Comments
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I have been given mixed information about what to do with these funds, from 'I should not have taken the funds', to 'buy bonds' or 'invest in an annuity'. Any help offered would be appreciated.
Any of those things could be right or wrong. Unless the person that is making the comment has assessed your financial situation, risk profile, understanding and knowledge etc then they have no way of knowing which of the options is most suitable for you.
That then leads us to the same situation you already have. Any comments by us would be equally useless without knowing that information first. Give us some more detail to go on and you will at least then get some pointers.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 -
I say (w/o knowing your situation as you don't say) that you should not have taken a LS that would affect means tested benefits.
Didn't you get redundancy cash?0
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