We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Pru wont allow pension to be taken in 2 chunks
Comments
-
Doesn't seem worth the bother.
She can take the PCLS (£4500) first time round - that leaves only £13,500 to be drawn down over the current and following tax year.0 -
If she took it all at once then only £200 tax would be due. If there are any fees involved at all then they may well be more than the tax due. Put it in premium bonds & you could win more than that!
0 -
Leave it in the pension and you are likely to get more than Premium bonds. In general, taking money out of a pension to put it into deposit based savings plan is usually a bad move.badmemory said:If she took it all at once then only £200 tax would be due. If there are any fees involved at all then they may well be more than the tax due. Put it in premium bonds & you could win more than that!
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
You have an old style pension which does not allow the options you want.
You could transfer to one which does.
You have a choice of pension providers.
0 -
rossalyndawn has created a new thread for her post. I would suggest using that rather than hijack this one.
I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
I have deleted her comment to avoid confusiondunstonh said:rossalyndawn has created a new thread for her post. I would suggest using that rather than hijack this one.I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
& Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
All views are my own and not the official line of MoneySavingExpert.2
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.3K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.4K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601.1K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards