WHO Poll
Q: 2022/23 You are the Chairman what do you do with Moyes?
a. Stick with him obviously, he's delivered two good seasons back to back and will see us out of this dip in form
32%
  
b. If we're still lingering around the bottom three by the start of the WC then that's the time to get rid
28%
  
c. What are we waiting for 2 wins in the last 20 PL games is reason enough to sack him, go now
33%
  
d. I've just got my new Orange & White 3rd Kit with Moyesinho on the back, I can't wait to wear it down to the supermarket, they call me Mr West Ham around here
7%
  



Kiwi Hammer 11:54 Tue Dec 17
Personal Pension Pot encashment Financial Advisers
All, Has anybody recently used a Financial Adviser on getting their entire retirement Personal Pension Pot paid out. If you have who mail me.

Replies - Newest Posts First (Show In Chronological Order)

Kiwi Hammer 11:12 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
Gents - many thanks for the advice, feedback and who mail. All very useful - main reasons for asking on this forum (from which I do get some great info). Is that Ive spent almost two years trying to get a small pot encashed on which I cannot get a F.A to sign off on. I’m on my 4 adviser now and it seems they have now got cold feet on this again. Apparently these institutions are frightened of their own shadows and if there is any risk they just drop it.

AVOR 9:30 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
agree with mace...plenty of reasons as to why you might want to cash out your db scheme

AVOR 9:29 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
take your tax free allowance, then take the rest as drawdown as and when you need it/it fits with your tax position

do not transfer it to a wonderful sounding scheme.....they are scams

Mace66 8:16 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
CHL - I wouldn’t say rarely wise. Depends what you value and how much you’re offered.

COOL HAND LUKE 5:58 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
So this is a Defined Contribution pot, not a Defined Benefits pot? It is rarely wise to move a Defined Benefit pension, as it will often have added benefits like annual increase, spouse's pension etc.

As has already been stated, it's a conundrum, because by the time you have the sort of money in there that would be 'life changing' taken as a total withdrawal, you will get hammered by the taxman 'for the year in the year' that you take it.

I had several personal pension pots which I married up with Standard Life (now Standard Life Aberdeen). You can take the 25% lump sum if you need to and keep the rest invested, in either a 'package' or self invested fund/s (they have many funds to choose from).

Be aware that 'packages' will have a set formula for safeguarding your pension money, by transferring into 'safe' funds and even cash, in the final stages of investment. If you self invest, you can choose these trigger points yourself, or indeed ignore them if you are comfortable doing that.

However: unless you are desperate for the money, it is rarely wise to take the lot in one hit.
Get some impartial advice beforehand, eh?

https://www.pensionwise.gov.uk/en

Westside 4:08 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
The first 25% (quarter) will be tax-free. The remaining 75% (three quarters) will be added to the rest of your income and taxed in the normal way.

With the added bonus, that if you have a large pension pot, so that you are over your life time pension allowance, any amount over this, is taxed at 55%, not normal tax rates.

LeroysBoots 1:47 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
Yes, will mail later this afternoon

Mike Oxsaw 12:25 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
Are there not legitimate ways of avoiding the tax by transferring it off-shore before closing it?

I was plagued by cold callers offering such service (for a price) a few years back, but got better.

BRANDED 12:19 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
To take your whole pension pot as cash you simply close your pension pot and withdraw it all as cash.

The first 25% (quarter) will be tax-free. The remaining 75% (three quarters) will be added to the rest of your income and taxed in the normal way.

Mike Oxsaw 12:06 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
Pension pot?

Pah!

Let the state take care of all that. It's the only reason it exists.

Northern Sold 12:01 Tue Dec 17
Re: Personal Pension Pot encashment Financial Advisers
Errr... no





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