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Prudential  will not let me withdraw my 25% tax free
They have told me i need to withdraw the whole amount
Standard life allowed me to withdraw 25% tax free but that was a few years ago now
Is this correct

Replies

  • doris540doris540 Forumite
    48 posts
    10 Posts
    First thing are you over 55 ? and i can only presume its the type of Pension you have with them.
  • garmeggarmeg Forumite
    324 posts
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    Assuming you are 55 or over.

    AJ Bell Youinvest or Hargreaves Lansdown offer decent SIPPs.

    Transfer to either of these and then take your 25%.

    A transfer from Pru should take about a fortnight as all these companies use the Origo system for pension transfers which makes the process simple(ish).

    Then invest the remaining 75% in funds similar to what you had with the Pru, or any other funds that take your fancy. Plenty to choose from, the world is your lobster.
  • dunstonhdunstonh Forumite
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    Prudential  will not let me withdraw my 25% tax free

    Why not?  

    Is it because you are in a pension that does not support drawdown?

    Is it a pension that does not have tax free cash available?

    Are you outside criteria?

    Is this correct

    If you say that is what happened then who are we to disbelieve you.


    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.
  • TealblueTealblue Forumite
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    Prudential  will not let me withdraw my 25% tax free
    They have told me i need to withdraw the whole amount
    Standard life allowed me to withdraw 25% tax free but that was a few years ago now
    Is this correct
    What are you trying to do - take 25% tax free and leave the rest invested, which is known as drawdown? If so, the Pru are simply pointing out that the type of pension you have with them won't let you do that. You need to take the 25% tax free and withdraw the rest to buy an annuity, or - as others have already explained above - move your pension funds elsewhere to a more modern type of contract which allows drawdown.
  • rossalyndawnrossalyndawn Forumite
    2 posts
    First Post
    thanks all for replies     pru will not allow me to withdraw  25%    as my policy wont allow it
    so i presume as you all  suggest   i transfer   to another  providor
    i already  have another  pension with standard life   who  a few years ago i took out  25% so  perhaps  i should  contact them first  
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