33k Pension fund

mazworld15

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

Mark_d

I don't believe this is the case.  Certainly wasn't for me.  I think the £30k limit only applies to DB schemes.

Dazed_and_C0nfused

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.

And DC schemes with certain protected rights.  But they are relatively rare in the overall scheme things.

mazworld15

Fantastic, thank you

Clive_Woody

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

Presumably she is, or will be, old enough to meet the minimum age to start drawing from a pension?

ali_bear

Aviva have their own SIPP product, if you want a quick and easy transfer. 

Marcon

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

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.

Albermarle

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

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.

As above why can she just not withdraw from the Aviva pension, are there some restrictions with it?

Pipthecat

And don't forget to remind her of the tax implications of any withdrawal.

dunstonh

Many Aviva pension plans support UFPLS.    And some support drawdown with nil income (ie. taking the 25%).