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55 next April - can I access my pension?
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I just had a look, it's a Personal Pension Plan - Standard Life Managed Pension Fund. I was looking at the launch date on the policy which was 1st March 1980 - sorry
They may call it a personal pension plan but it wont be one. Personal pensions were not introduced until 1988. So, its a marketing name that happens to be the same as a product name that came 8 years later.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
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With the new rules, you can take a 20% lump sum tax-free out of a pension pot at 55.0
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55 is fine. However, its more a case of being aware that as it is not a personal pension in product type, it may have terms that are non conventional. That is all.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Arghhh!!!! But what does that even mean?0
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You are being told that the pension may be worth far more as monthly payments (if there is a guaranteed annuity rate) than you can ever get from the fund in your hand now. It may have large amounts tax free (old pensions may give more than 25% tax free) but these may be tied to a specific withdrawal date.Arghhh!!!! But what does that even mean?
You have a copy of the policy? Somebody needs to read and understand what it says. If you cannot do this (and it sounds as if you can't or won't do this) then maybe you need professional advice (from an IFA) to prevent you potential making an expensive mistake?0 -
Thank you greenglide. I'm clueless, I really am. I think the only thing I can do is call them on Monday for clarification. No good getting myself in a stew about it.0
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Thank you greenglide. I'm clueless, I really am. I think the only thing I can do is call them on Monday for clarification. No good getting myself in a stew about it.
Also you can arrange a free Pension Wise appointment to guide you through your options. You can do that now or wait until nearer next April. If you book a face to face appointment they will be able to have a quick look at your paperwork.
https://www.pensionwise.gov.uk/appointments
As others have said it is important you find out from from Standard Life whether there is a guaranteed annuity rate. An explanation of what these are can be found at
http://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/buying-an-annuity-how-to-shop-around/guaranteed-annuity-ratesI came, I saw, I melted0 -
Why do you want to take your pension age 55, if you aren't retiring?
what will you live on when you retire if you spend it all now?0
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