withdraw money from equitable life?

maxi6

I have a with profits pension with equitable life-funds total less than £2000-can I withdraw this money as the pension is no longer required? The money was invested approx 2 months before the company crash!!

Thanks in advance

dunstonh

If you are aged over 60 and have no other pensions (or they are valued less than 1% of the lifetime allowance) then yes you can effect trivial commutation. You will be able to take 25% tax free with the rest taxable as a lump sum.

If you are under 60 then you cannot do this but you can transfer it to another pension.

maxi6

Thanks for that.

Do you know who handles the transfer procedure / what is the procedure for fund transfers?

dunstonh

You either get an IFA to do it or you do it yourself.

You ask the old provider (EL) for transfer/discharge forms and you ask the new pension provider for a transfer application.

maxi6

Thanks for all your help.