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Protected Retirement Plan matures soon - advice please !
MrsH77
Posts: 8 Forumite
Looking for advice please! When I changed jobs 6 years ago I moved my pension too, taking tax free lump sum of Aprox£29,000 and reinvesting aprox £87,000 in a drawdown PRP for 6.5 years - that matures this September on my 62 nd birthday. I am told the maturity value is £97,695. I am working part time as a nurse for a charity earning aprox £1700 monthly and I receive NHS pension of £170 monthly . I therefore have no need to start drawing on this PRP money yet - I’d love to continue working at least til 65 but who knows what may happen??
bearing in mind tax implications on the £97,695 what are my options come September - I don’t want to take the lump sum cash but again in such unprecedented times who knows I may need to ?
My apologies if I sound ignorant but this is not something I am at all aufait with
grateful thanks !!
bearing in mind tax implications on the £97,695 what are my options come September - I don’t want to take the lump sum cash but again in such unprecedented times who knows I may need to ?
My apologies if I sound ignorant but this is not something I am at all aufait with
grateful thanks !!
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Comments
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When I changed jobs 6 years ago I moved my pension too, taking tax free lump sum of Aprox£29,000 and reinvesting aprox £87,000 in a drawdown PRP for 6.5 yearsBut you took no income?
What options does the provider offer?
Presumably you could transfer to another pension provider if you wished?I am working part time as a nurse for a charity earning aprox £1700 monthlyAnd have a workplace pension?
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This sounds like LV's product. See https://www.lv.com/pensions-retirement/protected-retirement-plan which sets out all the options. If you're not sure which ones apply to you, contact them and check.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1
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Thanks! Yes it’s LV so I contacted them last month the receptionist just said it matures September and I can live it where I like !!0
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xylophone, no I took no income and yes I have a workplace pension in place - LV were not over chatty when I rang them about it !0
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That's not good enough - they need to provide you with written options, or a link to where you can find them.MrsH77 said:Thanks! Yes it’s LV so I contacted them last month the receptionist just said it matures September and I can live it where I like !!Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
That's not good enough - they need to provide you with written options, or a link to where you can find them.
Perhaps they send a "maturity options" letter two or three months before maturity?
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