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Advice on pension charges please

sunnyflower · 2024-01-05 21:11:21

My husband has been paying into a PP ( a huge company) for over 30 years & is intending to take it when he's 65, which is in a few weeks. He had a good chat with Pension wise & decided to take his pension in 3 lumps (just over 20k each time) When he rang the company he was told that this had to go through a financial…

Comments

jamesd Posts: 26,103 Forumite

6 January 2024 at 10:12PM

The more recent answers just confirm it is a Prudential product and policy limitations more than a legal one, except if there's a guaranteed annuity rate.

If there is a GAR then there's a good chance that the best way to go will be using a mortgage to get the lump sums and using much of the annuity to repay it. This might get both more lump sum and more ongoing income. Depends on just what the GAR is. Or if there even is one.

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