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Quick question
Pobby
Posts: 5,438 Forumite
A relative could do with a lump sum from her old Pension, she worked for the Pru, long left. Can she keep the 75% remainder invested as she is only 55?
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Comments
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Yes, she can keep th e25% lump sum and leave the rest to grow.As long as her private pension allows it.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
A relative could do with a lump sum from her old Pension, she worked for the Pru, long left. Can she keep the 75% remainder invested as she is only 55?
She can. She probably wont be able to do it in the same pension she has now. That may involve costs and loss of guarantees (if applicable). It will reduce death benefits going forward and increase the amount of administration going forward (with annual reviews recommended but 3 year reviews required).
Pension unlocking is considered an action of last resort and something that should not be done unless there is very good justification. The regulator treat the transaction as high risk.
So, yes it can be done. However, whether its right is a different matter.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
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