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Unsecured pension
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hettiecarro
Posts: 403 Forumite
Hi everyone.
My partner has an unsecured pension with LV. It matures in April. The fund is worth approx. £80000
His IFA has advised he move the funds to Brewin Dolphin.
We aim to drawdown £50000 over the next 3 tax years to pay off mortgage.
Does anyone have experience of Brewin Dolphin, or other advice please.
Thanks
Hettie
My partner has an unsecured pension with LV. It matures in April. The fund is worth approx. £80000
His IFA has advised he move the funds to Brewin Dolphin.
We aim to drawdown £50000 over the next 3 tax years to pay off mortgage.
Does anyone have experience of Brewin Dolphin, or other advice please.
Thanks
Hettie
Debt at LBM £60k (July 09) Jan14 £5k Feb14 £4615
Mar14 £4379 End Mar 14 £4035 :T
Completely crazy clothes challenge 2014 0/£100
2014 frugal living challenge
Mar14 £4379 End Mar 14 £4035 :T
Completely crazy clothes challenge 2014 0/£100
2014 frugal living challenge
0
Comments
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His IFA has advised he move the funds to Brewin Dolphin.
Why?
Is he already in drawdown/receiving payments from a short term annuity?0 -
hettiecarro wrote: »We aim to drawdown £50000 over the next 3 tax years to pay off mortgage.
Are you sure that you both understand how much income tax he'll have to pay if he does this?Free the dunston one next time too.0 -
Thanks:
Xylophone - His fund is with LV and was in it for a 5 year term so he has to move it somewhere.
We are aware of the tax implications of drawing down the money, but as I am disabled and have only a small pension we consider it better to secure the house as a priority. We will then be in a better position to downsize if necessary.
We are both in our mid sixties but for reasons which are too complex to go into we still have a £54000 outstanding mortgage against a house valued at approx. £120,000.
Should anything happen to my partner I would not be able to sustain the mortgage payments on my own.Debt at LBM £60k (July 09) Jan14 £5k Feb14 £4615
Mar14 £4379 End Mar 14 £4035 :T
Completely crazy clothes challenge 2014 0/£100
2014 frugal living challenge0 -
https://forums.moneysavingexpert.com/discussion/comment/65719018#Comment_65719018
Did you look into selling and buying a ground floor flat?
Why does the pension have to be moved? Does LV not offer a flexible option?0
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