Taking private pension

Kjchilts

I am due my State pension and private pension in sept this year,I have been sent a rough forecast as to what my Scottish widow private pension will be,and the options,what I really want to know is,can I actaully take the lump sum and pension on offer Now!! Or do I have to wait .sorry if this seems silly as I have no idea of pensions, I have not worked for over ten years now due to illness,and I really could do with sorting this out now,
Kind regards to any one who might read this,
Kjc:)

xylophone

Do you have a state pension statement?

https://www.gov.uk/state-pension-statement

Have you asked Scottish Widows whether your lump sum and pension can be accessed now?

Are you happy with what has been offered? If you intend to take an annuity would looking at the Open Market Option be better for you?

The Pensions Freedom rules will come into effect from April - what effect might this have on your decision?

Might you need to consider transferring out of SW for greater flexibility?

Do you need to take the advice of an IFA?

https://www.unbiased.co.uk/

McKneff

Ask someone to explain to you about what is happening to the pension rules in April.


It may affect you majorly so tread carefully