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33k Pension fund
mazworld15
Posts: 320 Forumite
Hi all, hoping someone can clarify, my sis has a pension fund worth 33k with Aviva, she wants to take the cash and move it to a SIPP so she can withdraw money when she needs it. Am I right in thinking she needs Financial advice because its over 30k? Any idea what that would cost? TIA
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I don't believe this is the case. Certainly wasn't for me. I think the £30k limit only applies to DB schemes.
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And DC schemes with certain protected rights. But they are relatively rare in the overall scheme things.Mark_d said:I don't believe this is the case. Certainly wasn't for me. I think the £30k limit only applies to DB schemes.
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Fantastic, thank you0
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Presumably she is, or will be, old enough to meet the minimum age to start drawing from a pension?mazworld15 said:Hi all, hoping someone can clarify, my sis has a pension fund worth 33k with Aviva, she wants to take the cash and move it to a SIPP so she can withdraw money when she needs it. Am I right in thinking she needs Financial advice because its over 30k? Any idea what that would cost? TIA"We act as though comfort and luxury are the chief requirements of life, when all that we need to make us happy is something to be enthusiastic about” – Albert Einstein1 -
Aviva have their own SIPP product, if you want a quick and easy transfer.A little FIRE lights the cigar1
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Has she checked if the pension scheme she's currently in offers phased drawdown (jargon for what she wants to do). Doesn't have to be a SIPP.mazworld15 said:Hi all, hoping someone can clarify, my sis has a pension fund worth 33k with Aviva, she wants to take the cash and move it to a SIPP so she can withdraw money when she needs it. Am I right in thinking she needs Financial advice because its over 30k? Any idea what that would cost? TIAGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!1 -
If she does want to move it, she can not just 'take the cash ' as such. She needs to open a new SIPP and request them to transfer the Aviva pension in.mazworld15 said:Hi all, hoping someone can clarify, my sis has a pension fund worth 33k with Aviva, she wants to take the cash and move it to a SIPP so she can withdraw money when she needs it. Am I right in thinking she needs Financial advice because its over 30k? Any idea what that would cost? TIA
As above why can she just not withdraw from the Aviva pension, are there some restrictions with it?1 -
And don't forget to remind her of the tax implications of any withdrawal.1
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Many Aviva pension plans support UFPLS. And some support drawdown with nil income (ie. taking the 25%).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.1
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