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
Small Stakeholder Pension
handheld
Posts: 5 Forumite
I have £27000 stakeholder pension with the Halifax,age wise 53.
My question is can I take the 25% lump sum and reinvest via say HL
Cavendish etc.
Basically trying to make the pot bigger.
At the moment I pay £200 a month into the Halifax pension.
My question is can I take the 25% lump sum and reinvest via say HL
Cavendish etc.
Basically trying to make the pot bigger.
At the moment I pay £200 a month into the Halifax pension.
0
Comments
-
My question is can I take the 25% lump sum and reinvest via say HL
Cavendish etc.
Yes you can potentially but there is a rule that may prevent you.
Basically trying to make the pot bigger.
Taking 25% will make the pot smaller and reinvesting the 25% would fall foul of recycling rules set by HMRC unless you have other sources of investment/savings that can be used and seen to have a clean audit trail.
Also, by crystallising the pension you will reduce the death benefits significantly as well as not being able to take a second bit of the cherry with respects to another 25% on the crystallised funds regardless of what they grow to.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 -
There is always a catch,thanks for the answers,just have tighten the belt and save
a bit more.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards