Opening a pension after the age of 75?

TVAS

I said complain to Pension Ombudsman already.
If she cannot get the 6k then the surely they will have to go back to court and do it another way?

Marcon

TVAS said:

If she cannot get the 6k then the surely they will have to go back to court and do it another way?

Not if the Decree Absolute has been granted.

Croeso69

Might be worth trying to open a SIPP with Hargreaves Lansdown? See if the application goes through based on her DOB.

At only £6,000 Hargreaves Lansdown are cost effective.

dunstonh

Whilst 75 is too old to open a pension for new money, it is not too old to do a transfer.   

chilswelluk

dunstonh said:

Whilst 75 is too old to open a pension for new money, it is not too old to do a transfer.   

How can she do a transfer if she has no scheme to transfer it to?  First she must sign up with a provider and join a scheme. But most providers have an age limit of 75.  It seems for people in her situation, the options are very limited.

chilswelluk

Croeso69 said:

Might be worth trying to open a SIPP with Hargreaves Lansdown? See if the application goes through based on her DOB.

At only £6,000 Hargreaves Lansdown are cost effective.

So if she opens the SIPP,  am I right in thinking that she could just hold the £6000 as cash in their?  She does not want to get involved with active investments, or employ a financial advisor to do so.  Under normal circumstances she has no interest in pension products, she is just trying to get her hands on the 6k in there. 

If she is successful in opening a SIPP with Hargreaves Lansdown and is able to transfer her 6k benefit to the SIPP, could she then cash all of the 6k in without too much difficulty?  She only lives off her state pension, so her income is very low and she is in desperate need of cash. 

Croeso69

chilswelluk said:

Croeso69 said:

Might be worth trying to open a SIPP with Hargreaves Lansdown? See if the application goes through based on her DOB.

At only £6,000 Hargreaves Lansdown are cost effective.

So if she opens the SIPP,  am I right in thinking that she could just hold the £6000 as cash in their?  She does not want to get involved with active investments, or employ a financial advisor to do so.  Under normal circumstances she has no interest in pension products, she is just trying to get her hands on the 6k in there. 

If she is successful in opening a SIPP with Hargreaves Lansdown and is able to transfer her 6k benefit to the SIPP, could she then cash all of the 6k in without too much difficulty?  She only lives off her state pension, so her income is very low and she is in desperate need of cash. 

Yes can hold in cash. No interest paid but no fees either.

Should be straightforward to cash in and 25% will be tax free and the rest taxed as income.

chilswelluk

Croeso69 said:

chilswelluk said:

Yes can hold in cash. No interest paid but no fees either.

Should be straightforward to cash in and 25% will be tax free and the rest taxed as income.

That's good that she can hold cash - as I say she has absolutely no interest in pension products and is just trying to get her hands on cash as soon as possible. So in that respect  Hargreaves Lansdown sounds like a good option .  Due to her state pension income only, she only has £9,110 per year income.  So if she takes 25% of the pot as tax free, she can then draw out the remainder of the fund over the next 2 financial years without it affecting her tax allowance.  This sounds like the best option for her.

Croeso69

chilswelluk said:

Croeso69 said:

chilswelluk said:

Yes can hold in cash. No interest paid but no fees either.

Should be straightforward to cash in and 25% will be tax free and the rest taxed as income.

That's good that she can hold cash - as I say she has absolutely no interest in pension products and is just trying to get her hands on cash as soon as possible. So in that respect  Hargreaves Lansdown sounds like a good option .  Due to her state pension income only, she only has £9,110 per year income.  So if she takes 25% of the pot as tax free, she can then draw out the remainder of the fund over the next 2 financial years without it affecting her tax allowance.  This sounds like the best option for her.

Sounds good to me too.

dunstonh

chilswelluk said:

dunstonh said:

Whilst 75 is too old to open a pension for new money, it is not too old to do a transfer.   

How can she do a transfer if she has no scheme to transfer it to?  First she must sign up with a provider and join a scheme. But most providers have an age limit of 75.  It seems for people in her situation, the options are very limited.

Maybe that issue with providers she has looked at.  However, on the intermediary side, the providers won't set up a new pension where there is an attempt to make a contribution but they will set it up if its transfer only.  The block on age is on contribution not the pension itself.