Advice please on who to transfer a pension to.

franchesca

I have just received a transfer value from an old final salary pension for £26,000. I want to transfer it so I can draw down the cash as a lump sum will be of more use to me than the £876 a year pension. I have another pension in place from where I work now for when I retire (4 years).I have my reasons for doing this but I have very little knowledge of pensions generally so I don't know what to do next.
Can anyone advise me of somewhere I can transfer it that is safe and who will allow me to draw the money out? I understand the tax rules and will take this into account. I just don't know who to trust, who to transfer to, what sort of pension I need to put it into and how to find out if a company is trustworthy.
Can anyone help please?

Drp8713

Most providers will want you to visit an Independent Financial Advisor before letting you transfer.


Which is a good thing, as you admit yourself you 'have very little knowledge of pensions' so making large financial decisions whilst not knowing what you are doing is not a great idea.

xylophone

If the value is under £30,000, even under the new rules, there will be no requirement for the OP to take Independent Financial Advice?

http://citywire.co.uk/new-model-adviser/news/gov-t-relaxes-advice-requirement-for-sub-30k-db-transfers/a795346

Standard Life ( and others) might be prepared to assist?

https://forums.moneysavingexpert.com/discussion/5182353

xylophone

I understand the tax rules and will take this into account

http://www.thisismoney.co.uk/money/pensions/article-2966766/Savers-using-pension-freedom-warned-pay-emergency-tax.html

franchesca

Thank you. Yes I saw that I don't need advice by law but I have seen whilst searching that some companies will give advice over the phone for smaller investments, Hargreaves Lansdown for instance. I was hoping people here may be able to give me some more input though of people I could try as I have no investments so am not aware of who people are.
I will try Standard Life.
Any others?

xylophone

But you don't want to invest it?

I had thought that you wanted to transfer out to a DC pension so that you could access the whole amount, less any tax due?

Are you indicating that you would perhaps transfer into a SIPP, take the 25% PCLS, invest the balance then draw down as required?

https://www.pensionwise.gov.uk/ might be worth a look.

franchesca

Sorry, I am using the word investment in the wrong context. You are right I do want to access the whole amount, or at least most of it. It was just that HL used the word investment on their website and I didn't really know what else to call it.
Does a SIPP mean any pension I transfer into or are there other types. I want one that is safe and I'm not concerned about making more or taking risks as I won't be leaving it there long enough. I sort of just want a holding place for it but don't know if any companies will do it or if they will who would be a good one to go with.

xylophone

You could approach HL, explain your circumstances and ask whether they would accept a transfer in with immediate access.

You might approach the insurers here http://www.telegraph.co.uk/finance/personalfinance/pensions/11410544/Is-your-pension-firm-ready-to-give-you-full-access-to-your-money.html

and ask the same questions.

You would wish to ascertain what the charges would be.