Taking a lump sum from your pension pot

  martd7 19:47 06 Jun 2018

Has anyone done this?

I'm currently wanting to take some money out to benefit my two grown up kids to help them out

I've had a 30min free pension advice phonecall and one with an independent financial adviser,to take the matter further and into more detail they required a fee of 2-3 thousand pounds

My pension company meanwhile are insisting I get a reference number from the advisors to prove I've taken advice,I can't do that because it was free advice, I've given the pension company the advisors name and address and phone number but that's not good enough for them

I've just passed 55 and wanted to help my 2kids out but the pension company's making me jump through hoops

  wee eddie 20:19 06 Jun 2018

For good reason. Your motives would appear to be honourable but there have been many people who have been conned out of that part of their pension and the Government, I believe rightly, required the Pension Providers to be more careful when allowing people to take money out of their Pension Plan

  martd7 20:48 06 Jun 2018

I get what your saying and do understand the cautionary approach,I have seen a lot of internet articles about pension scams

  lotvic 23:27 06 Jun 2018

You need to be sure of the tax implications, telegraph.co.uk/The-tables-that-reveal-your-tax-bill-on-pension-withdrawals ClickHere

  Quickbeam 07:56 07 Jun 2018

You can take a tax free lump out with no problems.

  martd7 08:50 07 Jun 2018


Thanks I'm taking a small amount,not the 25% that I could if I wanted to and I'm not planning on removing anymore

Quickbeam If only ! All the papers to read,forms to fill in are all printed in red,warning documents as the company describes theme

  wee eddie 09:45 07 Jun 2018

You'd be better off taking out a second mortgage, or loan, secured on your property

  martd7 11:04 07 Jun 2018

Thank you for everyones input I have been onto the Pension firm this morning and they have said they will now accept just the companies name and phone number as a reference from where I obtained my Pension guidance from

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