personal pension plan any help

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
2 replies 783 views
nirvana_3nirvana_3 Forumite
20 Posts
I have a personal pension plan with Standard Life. This was taken out during my previous marriage by my ex. husband and I have paid no more in it since then.However I am going to turn 50 end of October and they have written to me with an amount( value of plan) and what would I like to do with it.It then goes on to give me options this is where I am confused. I am not in a good finiacial position at present and would prefer the full amount is this possible?also is it subject to tax? I am not working and have two children to support. Can somebody give me some advice please.:confused:

Replies

  • dunstonhdunstonh Forumite
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    would prefer the full amount is this possible?
    No.

    The maximum you can access is 25% tax free.
    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.
  • EdInvestorEdInvestor
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    As you are 50 you can take 25% tax free cash out of the plan and also a taxable income.The income can be as an annuity (guaranteed for life) or as income drawdown - where you hold onto the money and invest it in the hoipe it grows over time and gives you a higher income as you get older.This is more risky but is usually re3commended for younger people likew you.

    To so income drawdown you need to move the money into a SIPP.

    Have a look at these websites for info

    https://www.h-l.co.uk or https://www.sippdeal.co.uk
    Trying to keep it simple...;)
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