'Unlikely' to be able to access my £33k pension pot

xylophone

Incidentally, have you obtained a new state pension statement?


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

AJ Bell SIPP https://www.youinvest.co.uk/sipp/charges-and-rates

DHHHH

Hi dunstonh, thanks for that, when you say a SIPP is probably the most expensive option, could you explain further for me?

DHHHH

Hi xylophone, I didn't get a state pension statement, should I do this and could you let me know why? I have my private pension statement.

NordicNoir

DHHHH wrote: »

Thanks MichelleUK, do you happen to know if there is a pension transferral fee involved ie would AJ Bell take a significant chunk in order me to release it through them?

I didn't get any further than asking that question. Having read some posts on here and reading the details of my scheme more closely, I found that a had a very valuable GMP guarantee that would have been silly to give up.

xylophone

Hi xylophone, I didn't get a state pension statement, should I do this and could you let me know why?

So that you can establish your starting amount for new state pension.

http://www.unitetheunion.org/unite-at-work/pensions/new-state-pension---for-those-previously-contracted-out/

molerat

DHHHH wrote: »

Hi xylophone, I didn't get a state pension statement, should I do this and could you let me know why? I have my private pension statement.

One reason is that the IFA should want to see it as part of his fact finding. Another is how can you plan your retirement without knowing all the financial factors.

Dark_Sunday

So if my understanding is correct, you have £29,999 transfer value from a DB scheme you can do what you want but if it's £30,001 you need IFA to rubber stamp the transfer ?

atush

Why do you need the lump sum?

Have you taken int acct the tax you will owe?how much have you/will you earn each year?

Do you realise that much of the 30K will be taxed as income? And could put you into HRT?

Amolad

I would have thought DHHHH would be paying basic rate tax whether she took the pension as £20 per week or as income drawdown. At least with drawdown you are able to control the timing of income, hopefully to your advantage.


Either way I can't see why DHHHH would need Hormone Replacement Therapy as a result.

dunstonh

Dark_Sunday wrote: »

So if my understanding is correct, you have £29,999 transfer value from a DB scheme you can do what you want but if it's £30,001 you need IFA to rubber stamp the transfer ?

It is based on the market cost of replacing the guarantees. So, you could have a £20,000 transfer value and still require advice as the market value of replacement is above £30,000.

Hi dunstonh, thanks for that, when you say a SIPP is probably the most expensive option, could you explain further for me?

To do what you want to do will see many SIPP providers charge you explicit charges. Whereas a stakeholder pension or personal pension may not (or will not in the case of stakeholder).