We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
Cash in pension
Comments
-
Pension company has said this is illegal due to government rules in 2016.
Have they actually used the word "illegal"?
What type of pension is it? is it still in the growth phase (ie a personal pension or stakeholder pension) or is in the income phase (i.e. an annuity or scheme pension income)
The reference to 2016 perhaps suggests it is an annuity rather than a pension as the Government aborted the proposals to allow cashing in an annuity that year.
But they cashed one of mine in in 2018.Was this in the growth phase or income phase?
Was this under triviality rules?
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 -
Any advice please
Yes my advice is that to get a sensible answer you need to supply a lot more details .
1 -
I doubt OP understands much of the above.dunstonh said:Pension company has said this is illegal due to government rules in 2016.Have they actually used the word "illegal"?
What type of pension is it? is it still in the growth phase (ie a personal pension or stakeholder pension) or is in the income phase (i.e. an annuity or scheme pension income)
The reference to 2016 perhaps suggests it is an annuity rather than a pension as the Government aborted the proposals to allow cashing in an annuity that year.
But they cashed one of mine in in 2018.Was this in the growth phase or income phase?
Was this under triviality rules?
OP - are you currently receiving a monthly income from your 'remaining pension pot'?1 -
As well as confirming what type of pension it is that you want yo cash in, it may also help to confirm the type of pension you cashed in in 2018 as this may help with explaining why you can't (or can) cash in your other pension.The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always try to check official information sources before relying on my posts.0
-
I’ll try to find the document0
-
Yes I’m still receiving an income of about £255-00 a year0
-
If the income is coming from an annuity then the response you got is correct. if it is coming from a personal pension/SIPP in drawdown then the response you got was wrong. I suspect the former is the case.16worried said:Yes I’m still receiving an income of about £255-00 a year
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.1 -
Many thanks for your help.1
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.2K Banking & Borrowing
- 253.2K Reduce Debt & Boost Income
- 453.7K Spending & Discounts
- 244.1K Work, Benefits & Business
- 599.2K Mortgages, Homes & Bills
- 177K Life & Family
- 257.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards