advice please

GWPcase

Hi
I currantly got a pension with Equitable Life and wish to draw down some funds which is the best way to go about this.



I have tried looking on their website but no wiser.


Thanks

dunstonh

What method of drawing it are you planning to use?
EL do not support drawdown.

NitinParmar

From what I've been reading EL do not offer Drawdown unless you're on a "Flexi" contact.

You will need to call them directly to find your options but in the end you may need to move/transfer to a provider that allows this.

Call EL and please let us who what they say, it could help others in a similar position

GWPcase

Hi
I would like to draw down some of my pension savings in cash.
and then leave the rest in the fund although I'm not sure what will happen when or if reliance life takeover.

Albermarle

Many older pensions do not support drawdown . It is an admin/IT issue as much as anything else .
So as already said you will probably have to move your pension pot to a provider that does support drawdown ( there are quite a lot ) . It is quite easy to do yourself , although you should stick to mainstream providers .
A call to EL to discuss your options with them first would be the best first step.

xylophone

https://www.moneywise.co.uk/news/2018-06-18/equitable-life-shuts-down-what-should-policyholders-do

Should you wait and see?

https://www.equitable.co.uk/good-news-for-with-profits-policyholders/

xylophone

How old are you?

If still under state pension age, have you obtained a pension forecast?

https://www.gov.uk/check-state-pension

woolly_wombat

You will lose out on the expected uplift if you have to withdraw some your funds now.
https://www.equitable.co.uk/helpful-qas/

Q7. What happens if a policyholder leaves before the values are uplifted?

The opportunity to increase the current 35% capital distribution to a level expected to be between 60% and 70% would be lost. Policyholders should exercise great care before taking benefits in advance of the proposed uplift and an Independent Financial Adviser may help with this decision. One important consideration, where there is an urgent need for cash, is to draw down only a portion of savings. Most pension policyholders over age 55 are able to make withdrawals of £1,000 or more, leaving the balance of their with-profits fund to benefit from the uplift if the Proposal is implemented.

Obviously you would only lose out on the portion that you chose to withdraw ....