Pension Advice / Pension Review

[Tom B]

I wish...

Extra F added

 

[Accy cyclist]

I've just been handed a letter which is from a pension company. According to the letter my pension pot is £8006.22. I know it's not much,but my question is can i draw the whole amount out in one go? 🤔

 

[DCLane]

I've just been handed a letter which is from a pension company. According to the letter my pension pot is £8006.22. I know it's not much,but my question is can i draw the whole amount out in one go? 🤔

It'll depend on the terms of the pension. On one I can take 25% out per year but the others I can't do anything with.

 

[Accy cyclist]

It'll depend on the terms of the pension. On one I can take 25% out per year but the others I can't do anything with.

I think i'll email them to find out.

 

[Notafettler]

I've just been handed a letter which is from a pension company. According to the letter my pension pot is £8006.22. I know it's not much,but my question is can i draw the whole amount out in one go? 🤔

I was offered £18,000 cash, with the accompanying tax bill. I did my research and found if I put it in a self invested pension I would get more. I got £21,500. Which i did. If I took it out immediately I would have to pay the SIPP provider (Hargreaves Lansdown) £275. If I waited a year I would have to pay £25. As non tax payer if I added £2880 to the SIPP the tax payer would give me £720 a 25% gain. Guess what I did?

 

[Notafettler]

Watching with interest. One of the many who has a pension/s and know I really should do something with them to make sure I am not just squandering good money. But what the heck am I supposed to do and who do I trust?

You see an advisor who is not allowed to make money from the funds etc that he tells you to buy. He just charges a fee. Doesn't mean he will get it right mind.