Somewhere To Turn To ?

zagfles

GunJack wrote: »

That's a very black and white way of looking at things....life can throw allsorts of curveballs at you and there's not always anything that can be done about it. I know plenty of people who are pension-rich, current cash-poor, so not as unusual as you may think...

It can indeed, but it seems very odd that someone who's managed to rack up over half a million in a SIPP doesn't have a credit rating that would allow them to borrow a couple of grand.

People with such bad credit ratings, usually because they failed to make repayments on loans, don't usually manage to save over half a million. It doesn't sound realistic.

Also do Royal London actually do SIPPs? Can't see it mentioned on their website.

Call me a cynic...

xylophone

Also do Royal London actually do SIPPs?

https://adviser.royallondon.com/globalassets/docs/adviser/key-features/65kf2-self-investments-key-features.pdf

mgdavid

lisyloo wrote: »

Have you asked your employer for an advance?
.............

.... the OP para 4

mgdavid

maximumgardener wrote: »

perhaps you have some family/ "good friends" that could help you out , short term?

.... the OP para 4

xylophone

It can indeed, but it seems very odd that someone who's managed to rack up over half a million in a SIPP doesn't have a credit rating that would allow them to borrow a couple of grand.

Life changes. The OP is almost 55 - it is possible that in earlier years he had a job which enabled him to make make very generous contributions to a pension.

It is possible that he had a DB pension with a high CETV and transferred out.

Having once had a high (even very high) salary does not indicate that a person was financially prudent with available cash - high salary can mean high living.

Perhaps the OP once owned a home of his own but had to sell - perhaps this followed divorce/job loss/ high debts...who knows.

But it is to be hoped that getting his hands on £100,000 + doesn't eventually lead to more problems....

zagfles

xylophone wrote: »

https://adviser.royallondon.com/globalassets/docs/adviser/key-features/65kf2-self-investments-key-features.pdf

Looks like you have to use an adviser still.

Silvertabby

Don't bank on getting your 25% lump sum on the day of your birthday. There are procedures to follow, which may take a couple of weeks at best. A few months at worst.

GunJack

lisyloo wrote: »

You can always prioritise liquid cash (unless the pension came directly from employer).

Can you give us a few generalised examples where people had sensible planning p/contingency but still got into difficulties.
.

Yeah, I can.... a load of people I work with who are on Civil Service DB pensions, but have had a real-terms pay cut over the last 8-9 years due to austerity.... contrary to popular belief the CS isn't particularly well-paid to start with..and a lot of the pension wealth is paid by employer conts. (certainly for those who were long-time Classic members).

zagfles

xylophone wrote: »

Life changes. The OP is almost 55 - it is possible that in earlier years he had a job which enabled him to make make very generous contributions to a pension.

It is possible that he had a DB pension with a high CETV and transferred out.

Having once had a high (even very high) salary does not indicate that a person was financially prudent with available cash - high salary can mean high living.

High living while making "very generous contributions to a pension"?

Perhaps the OP once owned a home of his own but had to sell - perhaps this followed divorce/job loss/ high debts...who knows.

But it is to be hoped that getting his hands on £100,000 + doesn't eventually lead to more problems....

Possibly. But the first thing that entered my head after reading the OP's post about needing a bit of money very short term and having a massive amount is in the pipeline is how similar it sounds to the Nigerian prince who emailed me last week :rotfl:
Apologies to the OP if he/she's on the level, but it does sound very 419'y to me!

xylophone

High living while making "very generous contributions to a pension"?

Surely this depends on the size of the salary?

Only a few years back, the AA was much higher.

Some people had jobs where they benefited from extremely large bonuses.

We have no means of knowing the OP's situation or whether or not he is creating a story.

Perhaps best to give the benefit of the doubt?

Looks like you have to use an adviser still.

Your query was as to whether RL provided a SIPP....it appears that they do.