'new pension freedom'

atush

the only reason I've ended up talking further about my situation is that I've been besieged with questions about my situation... 'how do I support myself', 'why do I want to cash in my pension early', 'how am I going to survive in later years'... I've never said ONCE how much 'I'm worth', nor am I here to talk about that... I simply have a family house that was purchased years ago when I got married, that is now worth enough for me to not need a relatively small pension (worth only £2,500 a year!), not that that is anyone's business anyway, and that this meant I can help out my daughter! I have no need or desire to discuss anything else about 'my situation'. I get asked all these questions that have little or nothing to do with my original question and then have miserable people whinge about the answers I give. get a life.

This is me using the quote box?

We dont mean to "Besiege" you with questions, but if you want actual rather than possible guesses at answers we need information.

After all, we don't know Who you are? The questions often do have great relevance to your actual rather than fantasy position.

Truly we are only trying to help you.

atush

JennyF wrote: »

am I correct in assuming that by transferring, I will quite likely have to pay some sort of early redemption fee not only once, but twice? the fee for transferring to another provider currently stands at around £1,500. if I transfer to another provider, I'll have to pay that fee, PLUS another early redemption fee to the new provider I've transferred to once I cash in 25% prior to April 2015? again sorry if that question sounds rather uninformed, but that's because it is!

your costs will be determined by your platform/plan.

If you have a unit linked plan you will have a set price (which is different from a buy price) plus any fee your platform charges to transfer to another- some charge nothing some charge.

Then you have the fee to set up a new plan but this can be a one off- do check.

Platforms will have an annual charge that you add to any charge for the funds you invest in. The sum will be your actual annual charge which you subtract from your returns to give your actual return.

JennyF

atush wrote: »

This is me using the quote box?

We dont mean to "Besiege" you with questions, but if you want actual rather than possible guesses at answers we need information.

After all, we don't know Who you are? The questions often do have great relevance to your actual rather than fantasy position.

Truly we are only trying to help you.

you're NOT trying to help me. I've read threads in this forum before I actually got round to asking a question myself and it's not the first time that you, "atush", have attempted to dig into people's private affairs and foist your opinions that haven't been asked for onto people. it's none of your business how I support myself or what plans I have in place into the future. my question was pretty straightforward - I have a private pension that I paid into years ago, I would like to know if it might be possible, given the current laws and rules and recent legislation, to avail myself of the funds prior to april 2015. that's it! I don't need salvation from myself or 20 questions to answer about WHY and WHO and WHAT IF before I can just get an answer to my question. I find you intrusive and I seriously doubt that your motivation is to 'help people' as you are trying to maintain. it's utterly transparent, to me at least, and appears to me to be little more than some sort of passtime for you. I suggest, if you actually wish to help people, to stick to just answering their questions and not put them through some questionnaire, unless they ASK you. if they mess up, then that's their problem. I made it clear that I was going to contact the pension advisory service on tuesday all along for more in-depth advice, so I was clearly not some nutcase that was about to sign on the dotted line on bank holiday monday. let's just leave it there.

mgdavid

you missed the
<rant mode>
<rant mode off>

PS - the answer is maybe.

atush

you're NOT trying to help me. I've read threads in this forum before I actually got round to asking a question myself and it's not the first time that you, "atush", have attempted to dig into people's private affairs and foist your opinions that haven't been asked for onto people.

Sorry but you are so wrong I can't say.

I dont care what you do and where you go and what you say.

you asked a question w/o giving the facts that would produce the best answer for you.

Given we have no idea where, who you are- i dont get your problem

you ask a generic question that can have 100 answers. so we try to wittle them down


you are quite possibly going down a dangerous road for you. but given you are determined to go there- fine.

go there or not, not sure why are are asking questions about getting there if getting there may not be in your best interest.

Many many many come here asking to do silly things with their pensions. If it isn't in their best interest, some of us say so (as we actually care). Some say do it because they dont care.

Good luck.

SomeUser

Trying to bring this back on track...in answer to your question:

SomeUser wrote: »

There wouldn't be early redemption fees from another provider. I don't know of any pension product that has early redemption fees, unless you were to invest in another with-profits fund. Most WP funds are closed to new money.

atush

I would like to know if it might be possible, given the current laws and rules and recent legislation, to avail myself of the funds prior to april 2015. that's it!

Quote box again.

you can access your pension now if you are 55 or older if it is a DC scheme.

You can get your 25% tax free. What you can do with what is left will depend on who your pension is with.

If you want access to a pension worth 18K, you can access the whole lot now if you are 60.

If you are over 55 but under 60 you must wait til next April. you may still have to transfer.

should you decide to take 100% of your pension (if advisable or not and whatever you want to do with it), 13.5K of 18K will be taxable as income at your highest rate. If you still are earning it will at least be basic rate tax. If you can wait til you aren't earning, anoher 10.K would be sheltered from tax,

JennyF

I really don't how answers to the questions, "are you sure you want to use your pension money in this way?", "do you have other pensions?", "how do you support yourself?", "how are you going to live", or "why don't you sell your house now?" are going to help anyone answer the question, "is it possible to take out 25% of my pension now before april 2015?". by all means, ask the relevant questions, like "what sort of pension do you have?", "is it index or profit linked?", "what is the rate?", etc, etc. this thread could have been 1/10th as long as it was and could've offered much more useful information for other followers. I didn't ask, "is this a good idea", "do you see any problems with my plan?", did I? if ultimately the answer is 'maybe', then fair enough. I'll get on to someone who DOES have real answers instead of conjecture. in the meantime this 'grilling' just quite understandably puts observers off from posting questions at all - a few people I know that are an age to be affected by these changes who have very basic queries have told me they are hesitant to post because of this sort of thing, not to mention rude people like 'bootsox' posting offensive remarks once you've been been open enough to discuss the particulars of your life. that sort of apprehension I think is far more potentially damaging to peoples' financial futures than just answering questions succinctly without all this digging and delving. anyway, I'm gone, thanks to those who have in fact offered some useful info - you know who you are.

and I love how people dismiss what you have to say as 'a rant' when they can think of no other defense. probably one of the oldest and weakest pact responses to criticism.

Bootsox

Looks like we're dealing with a real nutter here.

atush

We ask questions to ascertain if your chosen course of action is a good way forward or perhaps the opposite.

We see a lot of people here who ask questions about doing something, and then we try to talk them out of it if it not on their best interests (such as look at the should I give up my NHS pension and buy property or should I stop paying into the teachers pension and save inc ash threads.


You thought our/my questions were mean and too presumptuous. They were not meant to be. They were meant to provide facts to discuss the course of action suggested.