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AnyoNe else finding almost impossible to get lump sum payment from pension?

(8 Posts)
mamas12 Tue 07-Jun-16 22:31:37

i have recently turned 55 so after talking to pensionwise and CAB and doing a lot of research I have come to a decision on what I want to do and one of the things is to access the 25% tax free lump sum from my pension and re invents the rest with a flexible drawdown policy.
But, I have been given the run around by the firm!
I have been trying to do this since April, I have had to sit through them explaining what I have already been through with pensionwise etc and declaring that I understand and know my own mind etc.
I understand that they need to make sure that I am fully informed before they release my money to me.
But they keep passing me on to other "consultants" to explain it all again!
I am so frustrated with it all
Am I the only one going through this?

Sunseed Wed 08-Jun-16 06:32:54

They are covering their back against the possibility of you complaining to them in a few years time that you've run out of money in retirement because of taking a chunk out now. There are some firms who insist upon you having taken financial advice and won't proceed without it. The providers themselves cannot give advice. Nor can CAB or Pensionwise - they can only provide guidance, which is not the same thing. With advice, the adviser is putting their arse on the line instead of the provider.

As a financial adviser I am familiar with a number of providers who are using delaying tactics to hang on to your money for as long as possible.... particularly those with closed books who are not getting any new money coming in. At a guess you are with one of those.

mamas12 Wed 08-Jun-16 09:21:22

Thanks sunseed I really do "get it" about the repercussions and I am making the most sensible decision for me.

I do suspect the delaying tactics, is it also because I am a woman or can I tell them that I suspect that so it will put a rocket underr them or do you have any other suggestions that would make them just give me my money?

Charge interest from the date I requested it?
Go public?

Soooo frustrating and patronising for them to go over yet again the same questions

Sunseed Wed 08-Jun-16 09:58:03

It's not because you are a woman.... they're just as bad with men.

I would raise a formal complaint with them now as that will force them to address the matter (although they can drag that out for another 8 weeks....) as your next move will then be to go to the Pensions Ombudsman to complain about their unsatisfactory service.

mamas12 Wed 08-Jun-16 14:26:50

Thank you sunseed
If I engaged a financial advisor to ask them, would that be quicker?
I have another phone all booked for tomorrow so will see how it goes then

Sunseed Wed 08-Jun-16 14:36:42

Possibly, but then you may have to pay them a fee and if your pot isn't large and you're confident that you've already done the groundwork you might feel hard done by. Unless you were planning to use an adviser for something else anyway.

Lindy2 Wed 08-Jun-16 14:57:13

It really shouldn't take that long. What are you doing with the remaining 75%? Is that holding it up at all?

mamas12 Wed 08-Jun-16 20:49:29

Well thIs is it Lindy I planned on putting it into another of their products , a flexible drawdown one so they'll still be quids in because it's approx £96k
I only want the 25% tax free lump sum at the moment because I don't want to go over the tax threshold this year.
But now Im thinking that I'll transfer it to another company
I really can't take yet another explanation of what it all means, I know! I've done my research thanks

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