Release pension cash

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  • Davidbluee222
    Davidbluee222 Posts: 11 Forumite
    Is this worth reporting as there must be some dodgy dealings going on with the companies?
  • mania112
    mania112 Posts: 1,981
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    I don't understand why we don't name and shame in these types of threads?
  • atush
    atush Posts: 18,719
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    Yes, it is worth reporting, but if you feel uncomfortable here,...............
  • TotiT
    TotiT Posts: 1 Newbie
    Hello,

    I am not 55 and moving abroad for good.

    Can I have at least part of my money in my pension fund with my current employer or shall I wait until 55 even while living abroad?

    Kind Regards,
  • Browntoa
    Browntoa Posts: 49,287
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    you have to wait until 55
    I'm a Forum Ambassador and I support the Forum Team on the Shopping and Freebies, Phones and TV and Over 50s boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing . All views are my own and not the official line of MoneySavingExpert.
  • Hi I am 55 years old and have a pension worth £33000 with AEGON, I have spoken with one of their telephone operators today regarding a change of address and also mentioned that I may be interested in unlocking my pension in the near future, He informed me that as I had less than £50000 in my pension pot I could not do that but he used the term " drawdown " so is there a difference between drawdown and unlocking
  • jem16
    jem16 Posts: 19,397
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    bikerbri wrote: »
    Hi I am 55 years old and have a pension worth £33000 with AEGON, I have spoken with one of their telephone operators today regarding a change of address and also mentioned that I may be interested in unlocking my pension in the near future, He informed me that as I had less than £50000 in my pension pot I could not do that but he used the term " drawdown " so is there a difference between drawdown and unlocking

    You don't want to unlock your pension which is technically a term for accessing your pension early.

    As you are 55 you can commence your pension anytime you want and having less than £50k in your pension pot doesn't matter.

    Drawdown is a means of taking pension benefits but keeping the pot invested.

    If you are talking about taking the whole pot as a lump sum, then you cannot do that at the moment. From April 2015 you should be able to do this once the new pension rules come into force (assuming they are passed).

    Perhaps you could explain better what exactly it is that you're trying to do?
  • bikerbri
    bikerbri Posts: 3 Newbie
    edited 14 October 2014 at 12:34PM
    At the moment I want to access the 25% of my pension to clear some debts and help set myself up as a small business - the rest I wanted to leave invested with AEGON and maybe release it at a later date- but while speaking with the operator he told me that I could not just leave it invested but I would have to buy an "annuity" again I think he is wrong ?, to be fair I don't think the person I spoke to was up to speed with the new rules after all he was only supposed to change my address and pass me on to any relevant department if I had a problem.
    I have read this site extensively and the relevant government site regarding releasing funds for your pension, I was just caught off guard by what he said and thought I should as a question " just in case I was wrong"
    Many Thanks Bri
  • jem16
    jem16 Posts: 19,397
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    bikerbri wrote: »
    At the moment I want to access the 25% of my pension to clear some debts and help set myself up as a small business - the rest I wanted to leave invested with AEGON and maybe release it at a later date- but while speaking with the operator he told me that I could not just leave it invested but I would have to buy an "annuity" again I think he is wrong ?,

    Currently to take your 25% tax-free lump sum, you either have to purchase an annuity or use Drawdown. Aegon don't have to offer Drawdown and from what you've been told, it seems that they don't.

    So if you want to use Drawdown and take only the 25% tax-free lump sum, you would need to transfer your pension to a provider that offers this facility.
    to be fair I don't think the person I spoke to was up to speed with the new rules after all he was only supposed to change my address and pass me on to any relevant department if I had a problem.
    I have read this site extensively and the relevant government site regarding releasing funds for your pension, I was just caught off guard by what he said and thought I should as a question " just in case I was wrong"
    Many Thanks Bri

    What you want to do is nothing to do with the new rules and as they are not in force as yet, you wouldn't have been given any information on them.
  • dunstonh
    dunstonh Posts: 116,032
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    but while speaking with the operator he told me that I could not just leave it invested but I would have to buy an "annuity" again I think he is wrong ?

    No. he is correct in respect of what Aegon offer this year.
    to be fair I don't think the person I spoke to was up to speed with the new rules after all he was only supposed to change my address and pass me on to any relevant department if I had a problem.

    To be fair, the new rules are not in place until next year and some are still not yet passed in legislation and could change.
    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.
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