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Pension - withdrawing.
ACG
Posts: 24,623 Forumite
Hi,
I used to work for Friends Prov, I entered into a new generation personal pension plan. I have just had a letter from them telling me how much is in it. Not a massive amount, but a enough for a deposit on a BTL house pretty much.
I know there are some rules coming into pay next year, but I dont really know the details. Im just wondering if I wanted could I withdraw the money now or next year without losing a huge chunk of it?
In fairness it has gone up about 35% in 3 years since I left and stopped paying into it, but I suspect I can get better return from a property.
I used to work for Friends Prov, I entered into a new generation personal pension plan. I have just had a letter from them telling me how much is in it. Not a massive amount, but a enough for a deposit on a BTL house pretty much.
I know there are some rules coming into pay next year, but I dont really know the details. Im just wondering if I wanted could I withdraw the money now or next year without losing a huge chunk of it?
In fairness it has gone up about 35% in 3 years since I left and stopped paying into it, but I suspect I can get better return from a property.
I am a Mortgage Adviser
You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
Comments
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How old are you? What salary are you on? You must be 55 or above to go into drawdown. The plan with Pru may not have the facility to allow income drawdown either.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
Im 29.
Im self employed so do not have a set salary.
I thought there were some rules allowing you to withdraw the funds from a pension coming into play next year or later this year?I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You are right but it is for age 55 and over and starts from next April. But since you are 29, this will not be possible.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
gutted!
I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You think you could do better than 35% in property over the last 3 years in a tax-efficient way?
Really?!Thinking critically since 1996....0 -
Possibly.
I bought a property just under 2 years ago, after doing it up if it had been rented out I would have made around 22% in under 2 years. Not quite the same but its not a million miles off.
Im also not expecting my pension to increase by 10-12% per year every year.
I understand property far better than I do pensions. Personal preference would be to invest in what I know and understand.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Pensions are a very tax efficient way to save for retirement. Sure, hold some property too if you can handle the work that's involved, but don't ignore 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 have final salary pension scheme with RBS.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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