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'Flexible' pension providers
Debutante
Posts: 50 Forumite
Hi all 
I am a 59 year old male and I have got a couple of small pensions left over from previous employers. They are both a bit iffy as far as I can see. I paid £10k into one over 15 years ago and it is now worth 4k. I want to draw it as a cash lump sum but the company are being very unhelpful and apart from losing half my money they now seem to treat my money as theirs! The other has 17k in and is called an Adaptable pension plan.
I want to transfer these into another company and take the money as a cash lump sum. Are there any pension companies that are more flexible than others when it comes to taking cash ?
I am a 59 year old male and I have got a couple of small pensions left over from previous employers. They are both a bit iffy as far as I can see. I paid £10k into one over 15 years ago and it is now worth 4k. I want to draw it as a cash lump sum but the company are being very unhelpful and apart from losing half my money they now seem to treat my money as theirs! The other has 17k in and is called an Adaptable pension plan.
I want to transfer these into another company and take the money as a cash lump sum. Are there any pension companies that are more flexible than others when it comes to taking cash ?
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Comments
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Do you have any other pensions?I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I want to transfer these into another company and take the money as a cash lump sum. Are there any pension companies that are more flexible than others when it comes to taking cash ?
None can legally allow you to take 100% cash.
Read this: https://forums.moneysavingexpert.com/discussion/3447527We need the earth for food, water, and shelter.
The earth needs us for nothing.
The earth does not belong to us.
We belong to the Earth0 -
No, but you can take 2 x £2k via the stranded pots rule and then £18k under triviality at age 60.
I'd also be interested to know how a pot has gone from £10k to £k in 15 years. Sounds like it's been eaten alive by fees.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
Yes, I have a contracted out one with Standard Life which I am happy with and another small annuity of £45 per month.gadgetmind wrote: »Do you have any other pensions?0 -
gadgetmind wrote: »No, but you can take 2 x £2k via the stranded pots rule and then £18k under triviality at age 60.
I'd also be interested to know how a pot has gone from £10k to £k in 15 years. Sounds like it's been eaten alive by fees.
I did complain to the company concerned a few years ago and they said it was fees.0 -
It sounds like the best you can do is "repension" into a lower fee environment, take your 25% tax free cash, and annuitise the rest.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0 -
I like the idea of combining them and putting them with someone I can trust. Has anyone got any idea how much cash free lump sum I can take at aged 59?0
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That probably answers my previous question, so I can take 25% without too much hassle ?gadgetmind wrote: »It sounds like the best you can do is "repension" into a lower fee environment, take your 25% tax free cash, and annuitise the rest.
I realise I need to do some reading on here but are there any companies in particular I should be looking at to transfer into ?
Do not want to be lazy but no harm in asking
Edit I seem to recall that these pensions were taken out under something called the 'old rules' or something like that and someone told me that it might effect the amount of cash I can take. Very much hearsay so maybe irrelevant0 -
gadgetmind wrote: »It sounds like the best you can do is "repension" into a lower fee environment, take your 25% tax free cash, and annuitise the rest.
Why bother with the transfer, if the pension's to be commenced?
Warmest regards,
FAThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0 -
I figured the OP wanted to take PCLS but leave pension growing for a while due to being well under retirement age given asset base.I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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