Taking 25% tax free lump sum now I'm 55. Is it meant to be this hard

Wellingtondane

I phoned company regarding taking my tax free lump sum now I'm 55. On thier website it says you can phone to make a withdrawal alternatively you can make an appointment with our financial advisor.
When I called they said I would have to have an appointment.
It's an opted out of serps pension which goes up and down depending what it's invested in.
I had a meeting with someone  and told him why I wanted to cash it in. To cut a long story short he basically said he needs masses of information about me and my husband including. Finances. Credit cards. Pensions outgoings. Savings and even a full medical disclosure. It's my pension not my husbands. Why is it so complicated. 

Wellingtondane

He said its his decision  whether I get it or not.

MeteredOut

It sounds like a DC pension, but does it have any protected rights?

If not, and you just wish to take your 25% TFC, you don't need an advisor. But, if you do want to speak to one, go to an IFA, not an advisor tied to your pension company.

Marcon

MeteredOut said:

It sounds like a DC pension, but does it have any protected rights?

If not, and you just wish to take your 25% TFC, you don't need an advisor. But, if you do want to speak to one, go to an IFA, not an advisor tied to your pension company.

Protected rights were abolished some years ago and just became 'ordinary' rights.

It's not clear from your post if you just want to take 25% tax free cash or (as you later suggest) 'cash it in'. If the pot contains at least £30K and has something called 'safeguarded' rights (look for the words 'Guaranteed Annuity Rate' or GAR), then regulated advice may be needed before you can cash it in. 

Rather than wading about in frustration on your own, make a free appointment with PensionWise https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise/book-a-free-pension-wise-appointment who will be able to talk you through your options.

dunstonh

I phoned company regarding taking my tax free lump sum now I'm 55. On thier website it says you can phone to make a withdrawal alternatively you can make an appointment with our financial advisor.

This makes it sound like a tied insurer with its own salesforce.  (the reference to "our" financial adviser).

I had a meeting with someone  and told him why I wanted to cash it in. To cut a long story short he basically said he needs masses of information about me and my husband including. Finances. Credit cards. Pensions outgoings. Savings and even a full medical disclosure. It's my pension not my husbands. Why is it so complicated. 

All of that sounds correct.   Medical disclosure is normal as well as they have to show what an annuity could give you and annuities are based on medical details.

Possible reasons why a provider is requiring an adviser:
1 - the value of the pension is over £30,000 and has safeguarded benefits
2 - the plan you hold doesn't support income drawdown and requires the transfer of the plan to a modern version that does and as you have asked a tied provider, they can only do it via their tied FA.

Linton

If your pension does not have "safeguarded rights" you can transfer it to a more flexible provider by setting up a suitable pension (eg a SIPP) elsewhere and asking your new provider to arrange a transfer-in.

Wellingtondane

Hi yes it's worth 63k and I just wanted the 25%  Tax free but not to cash it in.