Husbands Pensions almalgamate?

doris540

He has his own pension with The Pru standing at £70k not been paid into, a company pension with LG also at £70k and again not been paid into, He has a DB pension which is now in the PPF which should be around £5k a year when hes 65. (4 years) Also got his present NEST one where hes working with so far about£3k in. He took 25% TFLS fro The Pru one a few years ago. Now The question is if he transfers all the Pru one into LG which will then say be at £140K, When he accesses that at say 65 will he still if he wants take 25% TFLS from that £140K .He will also have full state pension

Dazed_and_C0nfused

doris540 said:

He has his own pension with The Pru standing at £70k not been paid into, a company pension with LG also at £70k and again not been paid into, He has a DB pension which is now in the PPF which should be around £5k a year when hes 65. (4 years) Also got his present NEST one where hes working with so far about£3k in. He took 25% TFLS fro The Pru one a few years ago. Now The question is if he transfers all the Pru one into LG which will then say be at £140K, When he accesses that at say 65 will he still if he wants take 25% TFLS from that £140K .He will also have full state pension

No, he's taken it already so the amount transferred from the Pru will be crystallised and anything taken out of the pension (including any investment gains) will all be taxable income.

He can take 25% from the existing LG and Nest pensions.

dunstonh

 He took 25% TFLS fro The Pru one a few years ago.

Which probably means he transferred it as most of the Pru original plans don't offer drawdown but need to be transferred to their current plan.     Shame really as they charge a lot for that.

Now The question is if he transfers all the Pru one into LG which will then say be at £140K, 

LG or L&G?   
Does that plan support drawdown / accept transfers in of crystallised funds?

When he accesses that at say 65 will he still if he wants take 25% TFLS from that £140K .

He can only draw PCLS from the uncrystallised funds.   Not crystallised.   Access to the 25% PCLS is one time only against that segment of money.      This is one of the reasons people are told time and again not to access the PCLS early unless it is a last resort.