Pension Freedom

dunstonh

ack to my research to try to find a product that I don't have to pay a IFA £1800 to access for me.

Where have you got this £1800 from?

I am happy to pay for a service I need but I do object to paying so much simply to sign me up for a product which I have identified myself.

An adviser is not there to do that. In the last fortnight, advisers have been given warnings (from multiple sources, including the professional bodies) about transacting for insistent clients.

jem16

Rate_tart?_sticks_and_stones..... wrote: »

Back to my research to try to find a product that I don't have to pay a IFA £1800 to access for me.

The cost of advice is not just a simple 3% of the pot so you would need to check with an IFA as to the actual cost.

Meanwhile you could look at DIY options such as Cavendish Online.

http://www.cavendishonline.co.uk/pensions/

You would obviously need to do your own research to see if something like this would be suitable.

hyubh

BizBroacast wrote: »

I am a financial journalist looking for case studies on people who HAVE or WILL cashed/cash in their pension pot. The general sentiment on different forum streams seems to be it is a bad idea.

Especially as you've created your own thread, you really don't have to post the same message in endless others.

Rate_tart?_sticks_and_stones.....

dunstonh wrote: »

Where have you got this £1800 from?

Apologies if I have misunderstood this (and hopefully I have) but that is 3% of the £60000 remaining in my pension after I take a 25% lump sum.

An adviser is not there to do that. In the last fortnight, advisers have been given warnings (from multiple sources, including the professional bodies) about transacting for insistent clients.

I appreciate that advisers are not there to do that which is why I am perfectly happy to arrange this myself if that were possible. I do not wish to be an 'insistent client' indeed, I have no desire or need to become anyone's client but it would seem that the safety measures put in place leave me with little alternative. I am very happy to pay for advice if and when I need it, however, I do not think that I need the advice about this 'additional' pension.

I must say that I am most grateful to everyone here for responding to my questions, in particular you, dunstonh (no offence intended to others) as I have read a number of your posts in the past and have huge respect for your knowledge and integrity. If you believe that I am misguided in my belief that I do not require the services of a IFA I will bow to your superior knowledge and experience.

jem16

Rate_tart?_sticks_and_stones..... wrote: »

Apologies if I have misunderstood this (and hopefully I have) but that is 3% of the £60000 remaining in my pension after I take a 25% lump sum.

Which may or may not be what an IFA would charge for advice on a transfer.

However you don't need an IFA to transfer, you just need to find a DIY solution such as Cavendish or Hargreaves Lansdown.

catalonia13

I have an old section 226 annuity pension that I stopped paying into some 25 years ago when I left the company. Its currently worth around £5k (£236pa) - I was hoping to be able to cash this in this year when I turn 55 but they (Aviva) say I can't and have to wait until I'm 60, my only option to be able to have it this year is to change it to a Personal Pension, does anyone know if this is correct, and if so, how do I do that please?

dunstonh

catalonia13 wrote: »

I have an old section 226 annuity pension that I stopped paying into some 25 years ago when I left the company. Its currently worth around £5k (£236pa) - I was hoping to be able to cash this in this year when I turn 55 but they (Aviva) say I can't and have to wait until I'm 60, my only option to be able to have it this year is to change it to a Personal Pension, does anyone know if this is correct, and if so, how do I do that please?

They are right and wrong.

some legacy plans allow the new options. Some do not.

legacy plans that dont allow the modern options will need a transfer to a plan that does. However, you dont need to wait until 60 to do that.

RACs used to be required to start at 60 (or later) but that stopped in 2006.

catalonia13

dunstonh wrote: »

legacy plans that dont allow the modern options will need a transfer to a plan that does..

Thanks Dunstonh,
How do I get it changed?

Cloudyday

I am 69. I have a final salary pension and a state pension contracted out.
putting me into a basic rate tax payer..
I have other investments I take a small income from, and ISA savings.

I understand I can open a new pension scheme and get a 25% contribution from HMRC.. Is this correct?? taking lump sum and income.
It would be a good deal for my investments I take the income from..

My wife has her SERPS pension and a private pension other modest savings but is short of the 10500 tax threshold, can she take advantage of this she is 70..??

kidmugsy

Cloudyday wrote: »

My wife has her SERPS pension and a private pension other modest savings but is short of the 10500 tax threshold, can she take advantage of this she is 70..??

Modestly attractive for you. Very attractive for your wife, if you judge it so that her withdrawals are within her personal allowance.