Royal london small pension pot

[roadrunner bill]

I have a royal london pension pot of 10 k..

I want to take it when I'm 55 as a cash lump sum..

I've been reading that royal london insist you take financial advice from an advisor and get a confirmation form from an advisor that they have given you advice on taking it as a lump sum..

And to send this to royal london .. with the forms need to take all of it as a lump sum..

Is this true please ?

as I find this a absolute con.. if I need to be forced to seek advice I don't need..

Thank you..

[yellowbelly]

I have a royal london pension pot of 10 k..

I want to take it when I'm 55 as a cash lump sum..

I've been reading that royal london insist you take financial advice from an advisor and get a confirmation form from an advisor that they have given you advice on taking it as a lump sum..

And to send this to royal london .. with the forms need to take all of it as a lump sum..

Is this true please ?

as I find this a absolute con.. if I need to be forced to seek advice I don't need..

Thank you..

Don't think it's compulsory but sounds like some companies may insist on it to cover themselves from you taking action against them later because you didn't know you'd get taxed on the lump sum or something....

Try this, it's a government backed website, they may be able to provide you with the information and/or confirmation that RL insist on.

https://www.moneyhelper.org.uk/en/pensi ... nsion-wise

[RobertT]

As a general rule, proper regulated financial advice isn't required to take a DC pension, although if yours has any sort of fixed rights such as a guaranteed annuity rate, it may be needed.

I've had a quick google and can't find anything that specifically says RL require you to get financial advice to take a pension as a cash lump sum.
Although it may be a rule they choose to have?

Some providers may require you to consult Pension Wise, which is a government backed service that provides guidance(rather than advice).
So could it be them they want you to use, or is it an IFA?

Not all providers offer all pension flexibilities and not all will offer them on the terms you want. So it might be a bit more hassle, but if RL won't do what you want then you always have the option to transfer to somewhere that will.

[roadrunner bill]

Thanks for the info.. I phoned royal london, they said it had guarantees, and that i would find out when I ask for the pack to be sent to me in December..to cash it in.. 1 month before my 55 th birthday, whether i needed to seek a financial advisor or not.. ..

So I'll have to wait..till then.