Prudential huge mistake who's accountable...

GrumpyDil

Just wondering and it is a little off tangent but did you just take the TFC amount then and put the rest into drawdown?

QrizB

Francesco28 said:

AlanP_2 said:

I asked earlier but you didn't reply, why take it all out?

In fact, why take any out?  

Just like money in one place so the wife n daughter have access if anything happens to me

The Chancellor of the Exchequer thanks you for your thoughtfullness.

AlanP_2

I'm at a loss for words.

I hope it all works out for you but if anyone else reads this thread in the future, PLEASE, PLEASE DO NOT USE THIS APPROACH as apart from the Chancellor nobody else will thank you.

Roger175

Francesco28 said:

AlanP_2 said:

I asked earlier but you didn't reply, why take it all out?

In fact, why take any out?  

Just like money in one place so the wife n daughter have access if anything happens to me...not a fan of monthly amount until you 73 or monthly until you pass away...not a fan of re investing either...sounds daft but just the way it is...Like i said before Prudential should not be making these errors....its all good money receiving before end of week...

Just to reinforce the point, you do realise this is totally bonkers! You clearly do not understand the consequences of what you are doing/proposing. Please take some advice or do further research. You are simply throwing away thousands of your hard saved money.

bjorn_toby_wilde

Francesco28 said:

AlanP_2 said:

I asked earlier but you didn't reply, why take it all out?

In fact, why take any out?  

Just like money in one place so the wife n daughter have access if anything happens to me...not a fan of monthly amount until you 73 or monthly until you pass away...not a fan of re investing either...sounds daft but just the way it is...Like i said before Prudential should not be making these errors....its all good money receiving before end of week...

You do realise that your wife and daughter would have had access to it anyway if anything happened to you?

You’re right. It sounds completely daft.

dunstonh

Just like money in one place so the wife n daughter have access if anything happens to me...not a fan of monthly amount until you 73 or monthly until you pass away

Why do you think that will be the case with the pension (clue - it doesn't)

.Like i said before Prudential should not be making these errors

No they shouldn't but anything that involves humans will have errors periodically.    However, you are making an error as well by taking it out on misconceptions and incorrect understanding.   You are free to make your own error, and as a taxpayer, I thank you for your generous voluntary tax contribution.  But you really need to think again.

Keep_pedalling

Francesco28 said:

AlanP_2 said:

I asked earlier but you didn't reply, why take it all out?

In fact, why take any out?  

Just like money in one place so the wife n daughter have access if anything happens to me...not a fan of monthly amount until you 73 or monthly until you pass away...not a fan of re investing either...sounds daft but just the way it is...Like i said before Prudential should not be making these errors....its all good money receiving before end of week...

You already have the money in one place, the new place will have a lot less in it and you are delusional if you think you are going to be able to clamp any of the tax back.

Francesco28

Jeez Dilusional....nice thx...
Ive paid into a pension for 37 years...never missed a payment..some people havent even got a pension my age...From hmrc...

You can claim back any tax we owe you on a pension lump sum using P53Z if you have taken:

• all of your pension as cash — trivial commutation of a pension fund
• a small pension as a lump sum

• you’re reclaiming tax because you’ve  accessed your pension pot and you’ve emptied your pension pot

No idea how much ill get back but going through the motions next week...Obviously was a mistake asking the original question as you all seem to know more and what's best for me....cheers

QrizB

Francesco28 said:

No idea how much ill get back but going through the motions next week

Please let us know how this turns out.

eskbanker

Francesco28 said:

From hmrc...

You can claim back any tax we owe you on a pension lump sum using P53Z if you have taken:

• all of your pension as cash — trivial commutation of a pension fund
• a small pension as a lump sum

• you’re reclaiming tax because you’ve  accessed your pension pot and you’ve emptied your pension pot

But the overarching principle is that you can claim back tax that you've paid when it wasn't applicable, but if you've made a taxable withdrawal that incurred the correct amount of tax then no form is going to reverse that.