Somewhere To Turn To ?

zagfles

xylophone wrote: »

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?

So are you saying we shouldn't point out that there's a possibility that the OP is a scammer who might be after some mug to "lend" them some money till their big TFLS comes in?

We're all guessing, but I'm not going to apologise for pointing out that possibility if it stops some gullible fool falling for what reads like a possible 419 type scam.

I have already apologised to the OP if he/she's on the level.

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

Yes. Which is why I thanked your post. And then added my extra comment. Is that a problem?

WillowCat

It's entirely possible to have a large pension and no way of raising cash.

I do own my home - and the roof urgently needs replacing.

I have a third of a million in pension assets that can't be accessed for another 3 years. A divorce stripped me of my non pension savings and I am now a carer and have been on means tested benefits for five years.

I just hope the roof will last another three years without too much more patching, though I have just started a new job so might be able to take on a mortgage if my contract gets renewed.

xylophone

Yes. Which is why I thanked your post. And then added my extra comment. Is that a problem?

No problem at all.:)

k0349634

LOL - only just seen all these replies - didnt realise that MSE doesnt send you an email to say you've had a response. I'm def not a scammer, and as pointed out by a few replies, my pot is the result of a transferred DB that had a high transfer amount - seemed the right thing to do to transfer it out as company I worked for looked like the pension fund was in trouble and was heading for PPF . Again as another poster pointed out , divorce and a failed business etc in the past can all add up to an enviable position

Anyhow as a quick update managed to solve my short term issues - there is always a way, and am looking forward to being 55 this week - the PCLS will be used in full to purchase a property and not having to pay £1000/month in rent anymore - joy !

ProDave

Silvertabby wrote: »

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.

I got mine on the day (day after actually) but I had first put into place a transfer of the fund to a HL SIPP, and that moved to a drawdown account on the day of my birthday.

With 10 weeks to go you have time to instigate a similar transfer to ensure the money is in an account under your control without involving an IFA and accessible on line, and ready to draw any time after your 55th birthday.

Re your debts. Advise your creditors you will have the funds to repay the debt in 10 weeks time. Very worst case it it ends up in small claims court and you state at the hearing you will have the funds to repay it on that date. It probably would not even get to court in that time anyway.

atush

Seems to me you need to be on the Debt Free forum as you clearly are spending more than you earn.

How you will ever afford to retire if you keep to these habits is anyones guess?

The best way to take your 25% TFLS is to take it fractionally- with every monthly or yearly withdrawal at 25% TF, the rest taxed- preferably with no tax using your PA.

xylophone

The best way to take your 25% TFLS is to take it fractionally- with every monthly or yearly withdrawal at 25% TF, the rest taxed- preferably with no tax using your PA.

He says

and am looking forward to being 55 this week - the PCLS will be used in full to purchase a property and not having to pay £1000/month in rent anymore - joy !

This seems a very reasonable use of the PCLS!

ProDave

xylophone wrote: »

He says

“
and am looking forward to being 55 this week - the PCLS will be used in full to purchase a property and not having to pay £1000/month in rent anymore - joy !

This seems a very reasonable use of the PCLS!

It is a good plan if the PCLS will buy a property to live in so you don't have to pay rent.

But I am struggling to find what part of the country you can buy a house for £125K, that has a rental value of £1000 per month. A 10% yield I thought was a thing of the past.

xylophone

But I am struggling to find what part of the country you can buy a house for £125K, that has a rental value of £1000 per month. A 10% yield I thought was a thing of the past.

I think the OP (who is employed) is currently paying £1000 a month in rent.

He plans to buy himself a home with the PCLS so that he no longer has to pay rent.

xylophone

Again as another poster pointed out , divorce and a failed business etc in the past can all add up to an enviable position

Unenviable I'd have thought!:eek:

Good luck with the future - let's hope there'll be no more

very urgent pressing expenses

requiring emergency measures!:)