Tax free withdrawal (crystalised pensions)

Bandy2023

Hi, I withdrew 25% tax free from my work pension, so that one is now 'crystalised' and my work provider has set me up with another 'live' pension that my contributions go into.
Can I also withdraw a 25% tax free lump sum from that, or does the fact this account has been set up as a result of me withdrawing 25% from another account preclude me from doing that?
In other words, have I had my 25% from that pension scheme and that's the end of it?

p00hsticks

When the time comes, you'll be able to take 25% tax free from whatever has built up in the new pot...

NoMore

The reason some of your pension as been identified as 'crystallised' is to allow them to know which amount has had its tax free taken from it, uncrystallised funds have not had their 25% tax free yet, new contributions to the pension will be uncrystallised so will be entitled to 25% tax free. 

shortseller09

Subject to the new LSA (Lump Sum Allowance) from April.

Bandy2023

Thanks, that's good news.
On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.
I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

dunstonh

On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.

Halifax pensions are run by Scottish Widows.  Not the other way around.

It won't be stagnant.  It will be invested in the funds of your choosing.    If you are happy with your workplace pension investments then get the equivalent on the SW pension.

I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

Not sure how we can answer that because your company has already answered it for you.  Unless the question marks are for a different question.

Bandy2023

dunstonh said:

On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.

Halifax pensions are run by Scottish Widows.  Not the other way around.

It won't be stagnant.  It will be invested in the funds of your choosing.    If you are happy with your workplace pension investments then get the equivalent on the SW pension.

I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

Not sure how we can answer that because your company has already answered it for you.  Unless the question marks are for a different question.

Thanks, I was wondering if this is normal, for crystalised pensions to be non-transferrable?
My well-performing work pension is with AVIVA.
As far as I can remember it was when I tried to transfer my Scottish widows pension to them on their website that it said no.

Linton

Bandy2023 said:

dunstonh said:

On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.

Halifax pensions are run by Scottish Widows.  Not the other way around.

It won't be stagnant.  It will be invested in the funds of your choosing.    If you are happy with your workplace pension investments then get the equivalent on the SW pension.

I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

Not sure how we can answer that because your company has already answered it for you.  Unless the question marks are for a different question.

Thanks, I was wondering if this is normal, for crystalised pensions to be non-transferrable?
My well-performing work pension is with AVIVA.
As far as I can remember it was when I tried to transfer my Scottish widows pension to them on their website that it said no.

The crystalised pension should be transferable-out but there may be a limited choice of which pension scheme can accept it as a transfer-in.  There may not be sufficient demand for them to set up the procedures, training  and computer software to handle it.

Bandy2023

Linton said:

Bandy2023 said:

dunstonh said:

On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.

Halifax pensions are run by Scottish Widows.  Not the other way around.

It won't be stagnant.  It will be invested in the funds of your choosing.    If you are happy with your workplace pension investments then get the equivalent on the SW pension.

I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

Not sure how we can answer that because your company has already answered it for you.  Unless the question marks are for a different question.

Thanks, I was wondering if this is normal, for crystalised pensions to be non-transferrable?
My well-performing work pension is with AVIVA.
As far as I can remember it was when I tried to transfer my Scottish widows pension to them on their website that it said no.

The crystalised pension should be transferable-out but there may be a limited choice of which pension scheme can accept it as a transfer-in.  There may not be sufficient demand for them to set up the procedures, training  and computer software to handle it.

Ok, so I suppose I really need to speak to Scottish Widows and see what I can do to get it performing better.
Even without additional contributions I should expect £105K to grow to a degree?
Anytime I look there's next to no movement in it, if anything it goes down and then occasionally creeps back up to where it was before.

Albermarle

Bandy2023 said:

dunstonh said:

On the subject of the crystalised pensions, I have just over £100K sitting in a Halifax (formerly Scottish widows) pension which is crystalised, I'm not paying into it any more, but it's just pretty stagnant - no growth at all.

Halifax pensions are run by Scottish Widows.  Not the other way around.

It won't be stagnant.  It will be invested in the funds of your choosing.    If you are happy with your workplace pension investments then get the equivalent on the SW pension.

I've been told I cannot move a crystalised pension into my new work pension which does have good growth??

Not sure how we can answer that because your company has already answered it for you.  Unless the question marks are for a different question.

Thanks, I was wondering if this is normal, for crystalised pensions to be non-transferrable?
My well-performing work pension is with AVIVA.
As far as I can remember it was when I tried to transfer my Scottish widows pension to them on their website that it said no.

Pensions do not perform. It is the investments held within the pension that perform.
So it is nothing to do with them being an Aviva or SW pension, it is all about what investments are held in the pension.
You can choose these yourself via their respective websites. If you have never actively made a choice, then each will have a default option that your money will be in.
So what you need to be looking at is maybe changing the investment(s) in your SW pension. There is not a lot of point phoning them as they are prohibited from giving you any financial advice, and it should be obvious from the website how to change investments.