Prudential Pension move problem,

mikeabery

I have a Flexipension with Prudential, and it does not allow draw-down, only annuity or cash lump-sum. I can move to a Flexi-drawdown product, however because the balance is over £30k, they insist l incur the cost of an IFA, to complete the paperwork, which is not required, is there any way round this, so l can move my money without an IFA involved ?

xylophone

Assuming no safeguarded benefits, DIY transfer out to another provider?

dunstonh

if over £30,000 and has safeguarded benefits then an IFA is required.

If no safeguarded benefits then no IFA is involved.

mikeabery

Thank you, the policy does have safeguarded benefits.

Pension_Geek

mikeabery wrote: »

Thank you, the policy does have safeguarded benefits.

If that is the case, then the advice isn't just to cover 'Filling in the form'. Its to look at your circumstances and whether giving up what can sometimes be a very valuable guarantee is in your best interests.

xylophone

Have a look at this

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/495377/pension-benefits-with-a-guarantee-factsheet-jan-2016.pdf

https://adviserbook.co.uk/ tick "confirmed independent" and such other specialities as are required.

Or

https://directory.moneyadviceservice.org.uk/en