Pension Lump Sum

SonOf

Dal_Whinnie said:

ffacoffipawb said:

Dal_Whinnie said:

SonOf said:

You are required to seek financial advice where the fund is over £30,000 when there are safeguarded benefits.  It is not required when the there are no safeguarded benefits.

I think there may be but will have to check

Any mention of a guaranteed annuity rate in your documentation?

Just checked and their is a guaranteed annuity of £2,500 pa so I am assuming that I will need advice. 

A guaranteed annuity rate, regardless of rate, is a safeguarded benefit.  So, yes, that is why you need advice.
I suspect you are not going to find many IFAs that interested in giving advice.though.    What you want to do is rarely considered a good idea from a regulatory point of view and the value of the pension is very low.  I would expect a full whack fee to be quoted that could be around 10% of its value) given the high risk nature of the transaction.

As I have mentioned on other threads, this type of transaction requires individual disclosure on a case by case basis to the adviser firms PI insurer and its the sort of thing that puts up PI premiums every year going forward.   So, the adviser could be paying for it for decades whilst you only pay for it once.  Many IFAs will not be interested because of that.

ffacoffipawb

Dal_Whinnie said:

ffacoffipawb said:

Dal_Whinnie said:

SonOf said:

You are required to seek financial advice where the fund is over £30,000 when there are safeguarded benefits.  It is not required when the there are no safeguarded benefits.

I think there may be but will have to check

Any mention of a guaranteed annuity rate in your documentation?

Just checked and their is a guaranteed annuity of £2,500 pa so I am assuming that I will need advice. 

Yes you will need to take advice as the fund has a protected benefit and is worth over £30k.