I have two small pensions I want to cash in.

[FinallyFluid]

One was just used as a savings vehicle and is only about £2,000, so I can get that out easily enough.

The other is a final salary which is worth £38,000

Because it is worth over £30,000, I need to take advice.

I totally get the need to advise people that when it is gone, it is gone, but we are in the lucky position that this is not needed in our long term goals. We had forgotten that the final salary one might even be worth that much.

I have not enjoyed good health over the last five years, and whilst I could ostensibly live as long as my mother (82,)or her sister (90) I would like to use the money on city breaks etc. In essence I would rather have a lump sum at 57, than an extra £100 a month once I hit 65. (If I hit 65)

We are mortgage free and if no nursing care is required for my mother will also get an inheritance there, nice but thankfully not required.

My question is how much on average should I expect to pay for the advice ?

We have an FA, and I am waiting for her to come back to me with a price from her firm, but I would be grateful for a ball park figure from others.

TIA

If your health is your reason for wanting to cash in then it is worth contacting the pension provider to find out what they can do for you on that score - you may have different options.

SIPPs are personal pension pots that you pay regular fees on, dependant on the amount in there and the investments you hold within it, the only thing you pay for when accessing them is the ‘crystallisation fee’ , mine charges £180.

You only pay for advice on a SIPP if you want them to advise on your investments or if you want them to manage your SIPP.
OP is specifically talking about Final salary/Direct benefit pensions NOT personal / Direct contribution ones.

I agree with getting help from Pension wise as a starting point, But they don't give investment advice. Are you sure you need to pay 4K for financial advice. Maybe those Pension wise people can clarify this.,

It's bizarre isn't it

It can't really be "hefty fee to stop you making a choice for your own good, dear".

Do they lose money if someone cashes in their final salary pension, hence the fee?

@jfrbokok

You say "we will have". What will you have in your own name? Work out of you can survive on purely your own pensions, not those with your partner.

That is all sorted, we only ever paid into one final salary pension (one set of fees) and one savings pot. (ditto re fees) we never felt that we were going to split up, and if we did, we could have both lived on 50% of our investments into old age.

If DH dies within a year of retiring I get the full pension for five years, then I qualify for just over two thirds for the rest of my life, if I live that long.

Then my state will kick in anyway and either way the house is worth well north of £600k and like I said, I may or may not inherit.

I just want to get my hands on an annoying little sum of money that will fund trips to Europe that the memories will either amuse me in my old age if I get that far.

I am sure there is a government body that can give advice, it was mentioned in my paperwork, maybe check on money saving expert.

Yes, my understanding is u can transfer it into a pension, maybe even government run NEST account or any other investment company, AJBell etc and draw down from there.

There is an option in some where 25% on each occasion is tax free.

I meant free advice.