personal pension plan any help

nirvana_3

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.

dunstonh

would prefer the full amount is this possible?

No.

The maximum you can access is 25% tax free.

EdInvestor

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