We’d like to remind Forumites to please avoid political debate on the Forum.

This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.

📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide

Pension lump sum

RONC_3 · 2008-02-26 21:13:57

I have just began the initial stages with one of the web site companys that offer a service to unlock your pension as I would like to take advantage of the tax free lump sum. Please advise if this is the correct course of action, do they charge the earth for this service as in there second letter,they state that there…

Comments

dunstonh Posts: 121,235 Forumite

28 February 2008 at 11:50PM

To be honest, sending the OP, who doesnt appear to be very knowledgeable on this subject (no offence) on a high risk transaction like income drawdown at age 50 into a plan that is not currently suitable isnt really a sensible course of action.

Then its up to you to invest it, and to tell the SIPP provider if you want to take any income out (you can take nil) every year.That's it basically.

Basically? Its basic if you know what you are doing. Have you taken into account any consideration that the OP doesnt know the subject?

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