Over 55 cashing in my penison help

peter421

Hello. I have a private pension pot of £32000, I have been told off the pension provider that I need to get a financial advisor to advise me of my option's, the quotes are £2000 of them , pensionwise did not mention this, I am confused, I will have adequate pensions on retirement and just want to make use of the pot now,


thanks you for any responses

Drp8713

If they have told you that you need to get financial advice, then it is likely the pension has some safeguarded benefits such as a guaranteed annuity rate. Does the paperwork mention this?

Are you working at the moment? Only 25% of the £32k would be tax free, the rest would be taxed, some or all could be at 40% depending on your other income.

Is there a reason you need it in one go? Some people do silly things like pay 40% tax on a pension that is growing at 5% per annum to pay off a mortgage that is costing 2% per annum.

dunstonh

pensionwise did not mention this

Pensionwise does not give personal advice. it gives generic information.

Did you tell Pensionwise you had safeguarded benefits? If you did, I would expect them to make you aware of that need. If you didn't, they wouldnt know that you had them. So, they couldnt tell you.

xylophone

What kind of pension is this?

Is it a S32 policy with GMP or are there any other safeguarded benefits?

Is it a deferred DB pension?