A pension newbie asks ......

Leytonstoner

Advice from the hive mind, pretty please.
I'm 67 and, until I reached 65, I contributed to the Zurich Managed AP fund. It's now worth about £300K +/-.
It's been 'dormant' for about two years and it's now high time to put it to work.

Ideally, this is what I'm looking for:

• I don't need much that income or lump-sum draw-down from my pot - I have rental income.
• I was thinking along the lines of moving the Zurich pot in to a fund that would give me, say, just a monthly income based on the fund earnings, without eating in to the capital, letting me pass it on, intact, to the wife when I depart this world. And, yes, if the fund produced no income, then I would accordingly get nix.

Am I asking too much?

Are these sort of arrangements rare or commonplace?

Or is there a simpler solution that I've overlooked?

If it can be done, is my pipe dream relatively simple to arrange or should I cough for an IFA to do the spadework?

I know that moving pension pots around attracts fees - what sort of loss should I brace myself for?

TIA

[Deleted User]

1. You specified the fund but not the brokerage. Which pension platform are you using?
2. I know you specified your reasons for wanting an income fund but do you really need it? Why not just sell units? It amounts to exactly the same thing as withdrawing “income” as long as you are withdrawing the same amount. The only differences are psychological.
3.  Its all simple to arrange and the costs should be minor, depending on your platform. 

Brynsam

You've said where your pension is invested, but not the type of pension - e.g. a SIPP?

Albermarle

If it can be done, is my pipe dream relatively simple to arrange or should I cough for an IFA to do the spadework?

It is relatively simple to arrange yourself , if you understand what you are doing .

To be blunt you have made a number of comments/statements that would indicate your level of financial/pensions/investments knowledge is rather sketchy.

So you should either get some professional help ( at a cost of course) or be prepared to spend time learning and researching personal finance issues to improve your knowledge. Regularly reading this forum may also help.