do I have to give half of lump sum from pension

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Blakie

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Joined: Fri Jun 20, 2008 10:12 am
Location: United Kingdom
Post by Blakie » Fri Jun 20, 2008 2:23 pm
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I have an IVA that i have been paying for over a year now. I had a small pension that I paid into some years ago, but was then frozen for about 10 years. The pension people have written to me saying that now I have recently turned 50 I could take a smallish lump sum just over £2000, or can just keep it until im 65. If I take the lump sum do I have to give half of the pension money to my IVA or do I get to keep that. If I have to give half away I might as well hang on until im 65. If someone could let me know please. Thanks
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CoverItAll

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Post by CoverItAll » Fri Jun 20, 2008 4:57 pm
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Hi Blakie

The choice is not just take it now or leave it o 65, but take it now or leave it for now ...

Taking tax free cash from a penmsion always has a down side. An Independent Financial Adviser will explain the pros and ons to you.
John Tegg
john.tegg@dms4asu.co.uk
http://www.paymentcover.co.uk
STANDARD TERMS for Forum Members for Home Insurance, Self Employed Tradesman's Public Liability, and Short Term Income Protection.
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