Confused over drawdown

Pat2524

Help please! Having been self employed for many years I paid into Prudential, small amounts as that's all I could afford. At the age of 61 I understand that I have choice over what I do with my pension and Flexible Income Drawdown seems the best option to me as I would like to take the first 25% tax free as cash to do help with deposit for my son's house and then draw down the rest as and when I need. However as the pot is only worth £16k I am not allowed to move to Prudential product as you have to have a minimum of £30k in them. I will have 2 very small pensions due when I am 66 but these will not come to £30k required. So where do I go to find the best deal to transfer this £16k into a Flexible Income Product to allow me to do the above?

kidmugsy

http://monevator.com/compare-uk-cheapest-online-brokers/


N.B. "Fully updated on Aug 14 2016" suggests to me that a new update may be due soon.

xylophone

However as the pot is only worth £16

£16,000?

You might consider transfer to SIPP with HL, taking the 25% and then drawing down as and when as suits your circumstances.

http://www.hl.co.uk/pensions/sipp

There is plenty of explanatory literature available and they are helpful on the phone.

You could choose to invest the balance (charges would be modest on this small amount) or you could leave in cash if you plan to withdraw the whole over a couple of years.

Avoid closing in the first year as the charge is relatively high.