Pension company really gets up my nose!

[chrisd]

i have been able to draw my company pension for 2 years but haven't touched it. I asked about taking the 25% tax free lump sum about a year ago and was told that I couldn't have it unless I bought an annuity. I left it, and low and behold the Government changes the pension arrangements - I asked again, after the changes were introduced, and just received a letter saying that I still can't have the tax free lump sum as they aren't introducing a drawdown scheme at the moment but might do some time in the future

God, they do get up my nose!

 

[Hobbit]

Sounds a bit harsh. If you've contributed towards your pension surely its your money? I'd be tempted to ask for independant advice.

 

[SocketRocket]

I think you can take it out and reinvest it somewhere that will do a draw down.

 

[Foxholer]

I think you can take it out and reinvest it somewhere that will do a draw down.

If it's simply a Transfer (from the current provider to a different one), there's normally a hefty/prohibitive fee involved!

 

[SocketRocket]

If it's simply a Transfer (from the current provider to a different one), there's normally a hefty/prohibitive fee involved!

I have done this in the past and have not experienced such a fee.

 

[SwingsitlikeHogan]

I have done this in the past and have not experienced such a fee.

Just done it with one of my smaller pensions - no fee. Took 25% of it tax free and as I had to close the whole pension account got the rest transferred into a new drawdown investment portfolio product.

 

[Foxholer]

I have done this in the past and have not experienced such a fee.

That could be because the value quoted as available to transfer was the 'Transfer Value' (with the fee already extracted) as opposed to the 'Fund Value'! Actually, Transfer Fees may have reduced since I was involved. Apparently about 5% of the fund, so not prohibitive!

But it's possible that Chris'd best option is to go see an IFA, though a reasonable fee for service should be expected!

Just done it with one of my smaller pensions - no fee. Took 25% of it tax free and as I had to close the whole pension account got the rest transferred into a new drawdown investment portfolio product.

Same Company different Product? Or Different Company/Product?

 

[Hobbit]

I have done this in the past and have not experienced such a fee.

Ditto. No fees with Scottish Widows, including transferring the residual to another provider.

 

[chrisd]

Yep, you're pretty well saying what I think, advice and transfers cost money (mostly) all I want is my provider to do what the Government legislated for in April

 

[SwingsitlikeHogan]

That could be because the value quoted as available to transfer was the 'Transfer Value' (with the fee already extracted) as opposed to the 'Fund Value'! Actually, Transfer Fees may have reduced since I was involved. Apparently about 5% of the fund, so not prohibitive!

But it's possible that Chris'd best option is to go see an IFA, though a reasonable fee for service should be expected!



Same Company different Product? Or Different Company/Product?

Different company different product