Drawdown and open market option

EdInvestor

There's a load of HMRC stuff here about the rules on 25%+ lump sums, may be worth a look:

http://www.hmrc.gov.uk/pensionschemes/fb08-protection-lump-sums.pdf

Laughing_Boy

Thanks but been there already - it takes hours to get out! Basically, if I transfer out of the S32 plan my cash lump sum reduces to 25% as it is not part of a group transfer. Also I do not qualify for primary or enhanced protection. So I need to take the lump sum while still with SW and then transfer out to get better investment choice - but nobody can tell me if I can transfer out AT SAME TIME as taking lump sum or whether I must move to SW drawdown first. SW just say ask an IFA - guess I'll write them a detailed letter and try that way.