Take 25% from pension

addplant

Hi all I’m new to this has anybody had problem with trying to take 25% out of their prudential pension they say I cannot take my money out without seeing a financial advisor the prudential put me in touch with advisor but he’s going to charge me £2800 to tell my options when all I want do is take my own money out if my own pension 

Dazed_and_C0nfused

addplant said:

Hi all I’m new to this has anybody had problem with trying to take 25% out of their prudential pension they say I cannot take my money out without seeing a financial advisor the prudential put me in touch with advisor but he’s going to charge me £2800 to tell my options when all I want do is take my own money out if my own pension 

Have you considered moving the pension from Prudential to another provider?

If so are there are any fees from Prudential for that?

dunstonh

Hi all I’m new to this has anybody had problem with trying to take 25% out of their prudential pension they say I cannot take my money out without seeing a financial advisor the prudential put me in touch with advisor but he’s going to charge me £2800 to tell my options when all I want do is take my own money out if my own pension 

You have multiple issues here but all are easy to overcome.

1 - Most legacy pensions cannot do income drawdown.  its a bit like expecting a black and white TV to show you programmes in colour.  So, you need to transfer the pension to a new plan that does offer income drawdown.
2 - Pru have an in-house sales force.  They are not advisers according to their terms of business.  Yet they charge more than most financial advisers.  They will also only put in place their in-house pension, which is quite expensive compared to whole of market options.

If you want to DIY, then you need to transfer the pension to a provider that will let you DIY.

addplant

Thanks for your advice have a appointment with Government free pension advisor see if they can help me out

dunstonh

addplant said:

Thanks for your advice have a appointment with Government free pension advisor see if they can help me out

They do not provide advice.  They give you an idea of the basic options available (not all of them) but they won't help you out in they way you are hoping.  They will tell you to use an IFA if you start asking advice questions.

dealyboy

dunstonh said:

addplant said:

Thanks for your advice have a appointment with Government free pension advisor see if they can help me out

They do not provide advice.  They give you an idea of the basic options available (not all of them) but they won't help you out in they way you are hoping.  They will tell you to use an IFA if you start asking advice questions.

They should be able to explain the technicalities of performing a transfer if you determine that is the best way forward as suggested by @dunstonh, you can then decide whether you can do it yourself or seek assistance from an IFA. It may be a little daunting finding and approaching one but people here will give good advice on that.

Welcome to the forums BTW 

Albermarle

dealyboy said:

dunstonh said:

addplant said:

Thanks for your advice have a appointment with Government free pension advisor see if they can help me out

They do not provide advice.  They give you an idea of the basic options available (not all of them) but they won't help you out in they way you are hoping.  They will tell you to use an IFA if you start asking advice questions.

They should be able to explain the technicalities of performing a transfer if you determine that is the best way forward as suggested by @dunstonh, you can then decide whether you can do it yourself or seek assistance from an IFA. It may be a little daunting finding and approaching one but people here will give good advice on that.

Welcome to the forums BTW 

OP- Just to add to the above.
To set up a new pension and request a transfer in of an old pension, is surprisingly quick and easy on the internet.
The transfer could take one to three weeks . Then you can request your 25% tax free cash, which could take another week or two to process. The next step is more tricky for some. That is what to do with the remaining 75%. You can leave it in cash, but if you want to leave it for a while/want it to last throughout your retirement, then you really need to invest it and you have to decide what to invest it in.

xylophone

Does the Prudential pension have any form of "safeguarded benefit"?

If not, and this is a standard Defined Contribution/Money Purchase Pension, then there should be no problem about moving your pension to a provider permitting flexible access to your pension without the need to involve a financial adviser.

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/find-out-your-pension-type/use-our-find-out-your-pension-type

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/explore-your-pension-options

You have a very wide choice pf pension provider - you would need to contact your chosen provider and request that they arrange a pension transfer.

https://moneytothemasses.com/saving-for-your-future/pensions/best-pension-in-the-uk

Example

https://www.hl.co.uk/pensions/transfer-to-the-sipp

If you decide that you need advice (not just guidance as from Pension Wise), you could try

https://adviserbook.co.uk/

You would tick "confirmed independent" and whatever else you require when the menu comes up.

squirrelpie

The government in their infinite wisdom chose to appropriate the word 'advice' and give it special meaning, and forbade people to use it otherwise. So now everybody is scratching around to find words that mean the same thing but don't break the rule.