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    • sam1967
    • By sam1967 13th Jun 19, 3:19 PM
    • 33Posts
    • 427Thanks
    sam1967
    Fidelity group pension plan
    • #1
    • 13th Jun 19, 3:19 PM
    Fidelity group pension plan 13th Jun 19 at 3:19 PM
    Hi, just looking for advice, ill be 55 shortly and am looking at taking the 25% tax free cash at that point, i have emailed Fidelity and awaiting retirement pack, but in the meantime would like advice as to what their reply means..

    "You have the flexibility to decide when and how to use your pension savings, however the ******* group pension plan currently only allows the following options.

    100% withdrawal either as UFPLS or Drawdown

    Transfer out

    Purchase annuity

    Now does this mean i will have to transfer out to get the 25% or can i do it through their drawdown?

    Thanks in advance
    Last edited by sam1967; 13-06-2019 at 3:33 PM.
Page 1
    • xylophone
    • By xylophone 13th Jun 19, 3:41 PM
    • 31,458 Posts
    • 19,493 Thanks
    xylophone
    • #2
    • 13th Jun 19, 3:41 PM
    • #2
    • 13th Jun 19, 3:41 PM
    https://www.fidelity.co.uk/pension-drawdown/?p=0&c=10#303018

    You can usually take up to 25% of your pension pot as a tax-free lump sum
    The rest of your money stays invested, and you can take withdrawals at any time
    You need to consider how long you will need an income for, as you could spend 20 years or more in retirement
    You need to decide which funds your pension pot is invested in as the performance of any funds will affect how long any income will last
    • dunstonh
    • By dunstonh 13th Jun 19, 3:56 PM
    • 98,597 Posts
    • 67,050 Thanks
    dunstonh
    • #3
    • 13th Jun 19, 3:56 PM
    • #3
    • 13th Jun 19, 3:56 PM
    but in the meantime would like advice as to what their reply means..

    "You have the flexibility to decide when and how to use your pension savings, however the ******* group pension plan currently only allows the following options.
    it means their pension doesnt offer every option available.

    However, the option you are looking for falls under drawdown (100% crystallisation, 25% TFC paid out but with no income).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • sam1967
    • By sam1967 13th Jun 19, 7:33 PM
    • 33 Posts
    • 427 Thanks
    sam1967
    • #4
    • 13th Jun 19, 7:33 PM
    • #4
    • 13th Jun 19, 7:33 PM
    Thankyou for that, my concern was that because it was a group pension i wouldnt be able to do what i wanted, thanks for clarifying
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