When do you need a financial advisor?

vixen1500

Do you need FA before you can take 25% tax free money out of a Stakeholder pension pot over £30,000?
I am aware you need it if you wish to transfer a DB pension 

Dazed_and_C0nfused

vixen1500 said:

Do you need FA before you can take 25% tax free money out of a Stakeholder pension pot over £30,000?
I am aware you need it if you wish to transfer a DB pension 

You never really need a FA for anything.

An IFA sometimes although probably not in this situation providing there are no special guarantees with the DC pot (unlikely I think).

marlot

vixen1500 said:

Do you need FA before you can take 25% tax free money out of a Stakeholder pension pot over £30,000?...

No.
But be advised that if you take any more than the 25% you'll trigger the MPAA 
https://www.moneyadviceservice.org.uk/en/articles/money-purchase-annual-allowance

vixen1500

marlot said:

vixen1500 said:

Do you need FA before you can take 25% tax free money out of a Stakeholder pension pot over £30,000?...

No.
But be advised that if you take any more than the 25% you'll trigger the MPAA 
https://www.moneyadviceservice.org.uk/en/articles/money-purchase-annual-allowance

I will be ok then, as only going to be paying £2880 into my HL SIPP again next year

vixen1500

Dazed_and_C0nfused said:

vixen1500 said:

Do you need FA before you can take 25% tax free money out of a Stakeholder pension pot over £30,000?
I am aware you need it if you wish to transfer a DB pension 

You never really need a FA for anything.

An IFA sometimes although probably not in this situation providing there are no special guarantees with the DC pot (unlikely I think).

Thanks, sorted out the HL SIPP today,  now looking to withdraw the tax free cash from my stakeholder too.  Seems I have to have one (IFA) to access any monies from my other pension 

cfw1994

presumably your other pension is a DB one, or has guaranteed benefits?

Albermarle

presumably your other pension is a DB one, or has guaranteed benefits?

It it is, it is probably better leaving it where it is and enjoying the benefits.