Pension advise.

[abu13]

Thanks for the advise, it is a close member of the family who this affects who is in his early 70's.

He isn't in a state to sort things himself at the moment and I am trying to look out for him.

 

[casualdeyna]

Get the family member to grant you authority with the pension firm, either by phone or mail, and they will discuss all options with you. They just won't do it until whoever's pension it is has granted authority. If that is a problem you can still speak to the firm and ask them general questions, they just can't give you anything specific about the pension without authority because of data protection

 

[frothy]

I am retiring next July. I have got a good final salary pension that I was in for 25 years and The current one is doing OK, so going to take that as draw down to take me till I am 66. When I get my state pension. 62 now

 

[TheBlueDune]

Get proper advice. Sure, it carries fees, but they normally come out of the pot of money. Something like 2% with a minimum of £2,000.
They should ask you about financial plans (buy a porsche, box at city, etc) and tell you when or if you'll be skint/comfortable.
Annuity - die and it's gone unless has built-in spouse insurance which means you get less per month.
Drawdown - you can take 25% tax free for porsche and city box, pot is reinvested and should grow, maybe 5% net, fees would apply, maybe 1-2%. If die then spouse gets whatever is left.

But get proper advice. First meeting normally free and should give you basic idea where you stand.

 

[ganganvince]

Anyone else looking to convert their pot into cash for a while to protect at current value

 

[denislawsbackheel]

Get the family member to grant you authority with the pension firm, either by phone or mail, and they will discuss all options with you. They just won't do it until whoever's pension it is has granted authority. If that is a problem you can still speak to the firm and ask them general questions, they just can't give you anything specific about the pension without authority because of data protection

Without power of attorney that advice will get you nowhere.