Section 32 with Pru

YaniB_2

Hi. I currently have a section 32 with the Pru that will pay out a guaranteed minimum pension of £6800 at age 65 (9 years away).


I am well aware I will not get the pension until I reach the age of 65. At present the pot value is around £112000 in total but -


a good chunk of this is made up from a redress value I received some years back due to getting bad advice from the Pru advisor.


I am told this sits at £44000. I have also been told this cannot be used by the Pru to buy the GMP. It seems it is getting treated like another separate pot. My question is would I be forced to wait to 65 to access this or can I use it at say 60 (4 years away) to add to other private pensions I have. I am thinking possibly drawdown at this stage.


Thanks Yani.

xylophone

Have you asked the Pru whether you can transfer the "redress" to a scheme offering flexible access?

minty777

xylophone wrote: »

Have you asked the Pru whether you can transfer the "redress" to a scheme offering flexible access?

I would be very surprised if they allowed that.I think its either all of it,original plus the redress or nothing