Prudential huge mistake who's accountable...

noitsnotme

Francesco28 said:

Thank you for all replies, originally posting to complain about Prudential to see if any have experienced what i have but i do understand everyone's opinions more negative about my decision, it is what it is, I've decided like many do to take the lump sum..Like i said 37 years paying into a pension that a lot of people never had...Im glad its ended and will enjoy the next part of my life...Thx all 

Here’s some figures to ponder.  Let’s say your pension pot is £500,000.  

£125,000 of that will come to you tax free (this is the lump sum most other people refer to).

Even without any other income, withdrawing the full £500k in one go would see you paying £154,953 in tax, none of which you could claim back.

As you’re working so have other income, the tax would be higher than that.

Put your real figures in here to see what tax you will pay - https://www.direct.aviva.co.uk/myfuture/PensionWithdrawalTaxCalculator

Ibrahim5

I actually feel sorry for Prudential. If they don't give him his money he will complain. When he realises how much he has lost he will probably complain.

Bostonerimus1

Ibrahim5 said:

I actually feel sorry for Prudential. If they don't give him his money he will complain. When he realises how much he has lost he will probably complain.

I posted a similar sentiment earlier in this thread. The responses of the OP feel a bit troll like. If not then I hope the amounts are small so that the OP does not pay tax at a marginal rate of 40% or 45%. Either way, this has surely run its course.

Francesco28

Troll? Seriously....My first post was complaining about Prudential then we have a lot of people who are obviously more clever than me going off piste'...It's all good i know forums are full of good advice and others !! Trying to end this question as yes it has run its course...

Ibrahim5

As long as the government don't make everyone consult an IFA before withdrawing from a pension. Ahhhhhhhhhhhh! What a nightmare that would be.

incus432

Francesco28 said:

Ok thx for all replies...im aware of the tax that im paying and like i said before...i see it as government taking back what they gave me over 37 years...i dont live above my means have no debt and no house to pay for its all good for me...just posted originally about Pru mistakes and ive been tutored about me taking my full pot just like 300,000 people have just the last year.
Thx again 

If this thread is not trolling then you need to start listening.  You will be paying A LOT MORE tax than the govt gave you over the last 37 years.  Everyone is in despair over this car crash, mate.

FIREDreamer

Ibrahim5 said:

I actually feel sorry for Prudential. If they don't give him his money he will complain. When he realises how much he has lost he will probably complain.

Do ypu think he should go to an IFA for advice?

bjorn_toby_wilde

None so blind as those who will not see

BikingBud

incus432 said:

Francesco28 said:

Ok thx for all replies...im aware of the tax that im paying and like i said before...i see it as government taking back what they gave me over 37 years...i dont live above my means have no debt and no house to pay for its all good for me...just posted originally about Pru mistakes and ive been tutored about me taking my full pot just like 300,000 people have just the last year.
Thx again 

If this thread is not trolling then you need to start listening.  You will be paying A LOT MORE tax than the govt gave you over the last 37 years.  Everyone is in despair over this car crash, mate.

I find this quite sad. 

We often get disagreements but the advice that is forthcoming is blunt and straight up, sometimes too blunt. However, it remains accurate and I find that even if your pride will not allow you to publicly accept what has been offered at least take it and think about it carefully, do not feel like this:

Roger175

Francesco28 said:

Troll? Seriously....My first post was complaining about Prudential then we have a lot of people who are obviously more clever than me going off piste'...It's all good i know forums are full of good advice and others !! Trying to end this question as yes it has run its course...

Francesco28, please don't take offence at these replies. We are not a bunch of interfering busy-bodies trying to ridicule you, merely concerned individuals who understand the way pensions work. Hopefully by now you will have realised you have made a terrible mistake. Please, make enquiries to see if you can reverse the process you have put in place. Honestly, you will be grateful for this in the end.

If you are really dissatisfied with Prudential (and trust me, I recently had my own run-in with them, so know how incompetent they are!), then simply do a transfer to another provider, then, assuming you have a reticence to invest, then simply hold as cash (consider a short term money market fund?). Then if you really insist on drawing it all out, then do it over several years, as and when you are in a position to optimise tax. Assuming your expression of wish is correctly set up, then the pot will all go to your family anyway, you don't need to pull it all out in one go to achieve this.