Choices Personal Pension plan Guardian Financial Services

Glenroy_George

Hi, I wonder if there's any advise I can get as I have two frozen pensions but I wanted to cash this one in so I contacted the above company who said that I am entitled to cash in as soon as I reach 55 which will be July 2015.
I wanted to know if total unit value of my plan is £11,895.61 and I wanted to cash this in what would I actually receive from this amount ? would I get the 25% discount the pay tax on the rest and could I also be charged admin fees from the provider?.
I am not looking at a spending spree but to use the funds to start a business.
is there anyone on here who could answer my questions ?.


cheers in advance :j

xylophone

See https://www.pensionwise.gov.uk/ for information.

The provider should tell you about any administration fees.

jamesd

25% will be tax free, the remainder will be over-taxed due to the rules for how pension companies have to work out the tax. They are supposed to send you a P45 with the payment. Ask them for it if they don't. Once you have the P45 send that and the relevant form off to HMRC to get your refund for the extra tax.

Providers can charge admin fees.

agarnett

Closure of Choices Group Pension Plans - may not bode well for getting much inforamtion(sic) out of GuardianFS, but on the other hand since they are bailing out of a serious commitment to the product, I can't see how they can justify a fee for anything.