Pension info required

[Peter]

I have 3 funds.

1 big 2 smaller.

At 55 the idea is to take 25% of the funds tax free.

Would it be better to transfer to 1 fund or just claim 25% from each 1 ?

I'm so peed off with pathetic annuities which are going South.

I'm looking for free advice

No debts. 2 properties and 2 daughters who have moved out

[TomGoodheart]

No idea Peter! I've three years on you and done nothing. I have a frozen pension from my earlier employment, one with my current (and a top-up from when I was able to put in additional lump sums), my State pension (maybe) .. Wifey is in a similar position. But what to do with it all?

I suspect we'll do what most people do. Leave it to the last minute and then be grateful we have a couple of properties we rent out.

.

[Paulus]

I've no idea either, but I took 25% from one of my 3 funds in December without combining anything and was pleasantly surprised how quick, easy and seemingly fee-free it was.

From next April you can sell any annuities for a taxable lump sum too.

[copper123]

Be very careful that you are in safe enough employment because if you lose your job you may be forced to live off the 25% lump sums as they will bar you from benefits.

You could however spend the lot on collectable coins or bullion sovs and keep it under the bed the social security will prob think you have spent it

[sound]

Peter,

First off I take it your not yet 55? Can you find out from your providers whether they will be running the new bank account type pensions? You also need to find out about early encashment penalties, they should not be to much of a problem now.

Let me know either here or direct. I can help. Cant any longer give specific advice but can provide facts that should sort this for you.

Mark

[Peter]

Thanks for your replies gents I will give some thought on this.

I did get Which mags free advice and often visit moneysavingexpert.

Plenty of avenues to explore.

[Nordle11]

I'm not even half-way to retirement age, let alone a pension! It's an ol' boys game this coin collecting haha (no offence of course!)

Moneysavingexpert is hands down the best site for all things money related. Saves you a lot of money if you know where to look..

[Peter]

Retirement for me is now 67....2 years just like that has cost me for the state pension.

Nordle it will be 80 when you retire.

[Coinery]

Awesome forum, is it not? Good on you, Mark, and best of luck with your plans, Peter!