Taking pension pot of £41.000

woolly_wombat

Get back to Royal London and ask specifically if there is:

(i) a guaranteed minimum pension (GMP) or 

(ii) a guaranteed annuity rate (GAR) associated with this pension.

If the answer is “no” then ask what other ‘protected benefit’ is preventing you from taking your pension via your options (1) or (4) without regulated financial advice.

You are probably entitled to a much better deal than would be available today from £41k. Let us know how you get on!

Marcon

tacpot12 said:

£1000 does seem very cheap for the advice, although the transfer amount is quite small so the adviser may be discounting their service in the light of this, but it is also possible that you have had a quote from an unregulated adviser. Have you checked out the adviser thoroughly? I would want to see the FSA registration, at least three years accounts at Companies House, and their directors home addresses. 

The FSA registration is the requirement - certainly not directors' home addresses (may in any case not be a limited company - a partnership, say, doesn't have directors).

nicter

woolly_wombat said:

Get back to Royal London and ask specifically if there is:

(i) a guaranteed minimum pension (GMP) or 

(ii) a guaranteed annuity rate (GAR) associated with this pension.

If the answer is “no” then ask what other ‘protected benefit’ is preventing you from taking your pension via your options (1) or (4) without regulated financial advice.

You are probably entitled to a much better deal than would be available today from £41k. Let us know how you get on!

woolly_wombat said:

Get back to Royal London and ask specifically if there is:

(i) a guaranteed minimum pension (GMP) or 

(ii) a guaranteed annuity rate (GAR) associated with this pension.

If the answer is “no” then ask what other ‘protected benefit’ is preventing you from taking your pension via your options (1) or (4) without regulated financial advice.

You are probably entitled to a much better deal than would be available today from £41k. Let us know how you get on!

Thankyou
Have asked RL to send me full detail of the pension so will let you know when that arrives 

nicter

tacpot12 said:

£1000 does seem very cheap for the advice, although the transfer amount is quite small so the adviser may be discounting their service in the light of this, but it is also possible that you have had a quote from an unregulated adviser. Have you checked out the adviser thoroughly? I would want to see the FSA registration, at least three years accounts at Companies House, and their directors home addresses. 

To sum up the comments above, you need to pay for advice if you want to have the money. 

I paid for this sort of advice about five years ago, and it cost me £1000 then, and that was before the FSA cracked down on bad advisers and the insurance premiums for advisers undertaking this sort of work sky-rocketed.

I haven't as yet taken full financial advice other than to talk briefly to my husbands financial adviser 
They suggested transfer to a drawdown policy may be an option but have yet to look into this as awaiting full detail from RL re policy detail