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Protected Tax Free Lump Some
Shylock
Posts: 63 Forumite
I have an old Royal London Pension Plan from a previous employment that I was considering transferring out to a SIPP. On checking with RL I've discovered it has a protected Tax Free Lump Sum benefit that means I can take 33%, rather than the normal 25%, which I would lose if transferred. Any reason I can't take the TFLS from it whilst it's still with RL, then transfer the balance of the "pot" into another providers SIPP for Drawdown?
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Blimey! Looks like a minefield! Just hope RL are more helpful than those companies.xylophone said:1 -
Most of the time you are required to buy an annuity if taking the protected tax free cash. Some companies (eg Aegon) let you take it then go into drawdown.I am an Independent Financial Adviser (IFA). Any posts on here are for information and discussion purposes only and should not be seen as financial advice.0
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Sometimes these old policies can have excellent guaranteed annuity rates too.0
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