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Drawing down that 25%
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letmelaughagain
Posts: 7 Forumite
I want to draw down my 25% lump sum from my pension. I am not doing this lightly but it would be of great benefit to me now!! My 'pensions' rep. keeps postponing this request advising me not to do this and suggesting other 'options!' that I know about and do not want to do. I really want to go ahead with this, can you advise please?
I should have mentioned that my pension is through my employer who contributes as well. I will continue to contribute to my pension as long as I am working and my employer has agreed to continue with contributions also
I should have mentioned that my pension is through my employer who contributes as well. I will continue to contribute to my pension as long as I am working and my employer has agreed to continue with contributions also
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My 'pensions' rep. keeps postponing this request advising me not to do this and suggesting other 'options!' that I know about and do not want to do.
The rep may not have that option available. Tied agents tend not to and can only present the options he has.
Good see an IFA if you need advice and never ever use a insurance company rep again. It may (probably) will require a pension transfer but thats easily done.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.0 -
letmelaughagain wrote: »I should have mentioned that my pension is through my employer who contributes as well. I will continue to contribute to my pension as long as I am working and my employer has agreed to continue with contributions also
Where is this pension held?Is it a (group) personal pension at an insurance company or an occupational pension?Trying to keep it simple...
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it is an occupational pension:o0
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what type of occupational pension?
Final salary (based on years of service) or money purchase (based on investments)?
Is it contracted out or contracted in of SERPS/S2P?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.0 -
I'm not sure, I think it's based on years of service but I'll find out and let you know.:cool:0
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