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Transferring crystallised plans
alanhood
Posts: 8 Forumite
At the turn of the century I transferred what was left in my Equitable Life pension to a drawdown.
I took the 25% tax free amount and have had one lump sum since.
I have contacted Aviva and they have told me that the plan is of the 'old type' and must finish when I am 75 (I am 71 now).
Since I would rather keep the money I have tried to transfer it to a more modern plan but they have informed me that, since I have taken money out the fund is crystallised, not considered to be Pension Monies and therefore cannot be moved.
Does anybody know if there is any way that I can move this to another fund.
I took the 25% tax free amount and have had one lump sum since.
I have contacted Aviva and they have told me that the plan is of the 'old type' and must finish when I am 75 (I am 71 now).
Since I would rather keep the money I have tried to transfer it to a more modern plan but they have informed me that, since I have taken money out the fund is crystallised, not considered to be Pension Monies and therefore cannot be moved.
Does anybody know if there is any way that I can move this to another fund.
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Comments
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I have contacted Aviva and they have told me that the plan is of the 'old type' and must finish when I am 75 (I am 71 now).
They probably mean it is capped drawdown.Since I would rather keep the money I have tried to transfer it to a more modern plan but they have informed me that, since I have taken money out the fund is crystallised, not considered to be Pension Momies and therefore cannot be moved.
It can be moved and it can be converted to flexi-access drawdown. However, Aviva don't do it with DIY investors. Only advised.Does anybody know if there is any way that I can move this to another fund.
moving funds isn't going to make a difference. It is moving the pension product/account to another product/account. If you have an adviser, contact them. if you DIY then you are looking at moving it to a DIY provider and not using an intermediary provider like Aviva.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.0 -
Pension Momies
Mummified?:eek:
Check whether DIY provider of your choice will accept the transfer?
https://moneytothemasses.com/saving-for-your-future/pensions/the-best-cheapest-sipps-low-cost-diy-pensions0 -
Mummified?
AS I said, I'm 71 (and fading). Fixed it now.0
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