final salary nightmare!! peterswife

have two main good pensions when I retire in November..Also have a small (26000) final salary pot which I want to cash or at least take as a flexi drawdown annuity, which I intend to exhaust in the next 2/3 years(tax allowance allowing). seems most financial institutes wont touch it. "" seem to be able to help!!! Because of all the bad press surrounding this topic I am wary......need I be????? advice please or anyone had good dealings with them.

we contacted a local financial advisor, he stated at the start he would not touch it because his firm does not have the relevant "permission" qualification needed!! another firm advised us because it was under 30,000 we could encash it ourselves but the pension provider will not discuss this! just a big nightmare.


"People with DB assets in excess of £30,000 will need to take regulated financial advice from a pension transfer specialist."

"The Financial Conduct Authority (FCA) has established safeguards for DB savers considering a transfer. Members with pots of more than £30,000 are required to seek independent financial advice from an FCA-authorised adviser.

This advice will usually be paid for by the member themselves, unless the transfer is part of an employer-sponsored transfer value exercise.

This stipulation was removed for clients with DB pots of £30,000 or less in February. Prior to this, clients with just £10,000 or less were exempt from the mandate to seek independent advice"

to be fair they also gave us 4 other options, two taking long term annuities and two different drawdown flexi annuities.they say they have this "permission" needed to deal with this.

thank you for your help. Our pension supplier(mercer) has said yes we can cash it in once we have transferred it to another provider. but again that's not proved very successful. as mentioned have been in touch giving us 4 options, two of which are flexi drawdown annuities. they say they hold this "permission" needed to deal with this. am just very wary of internet companies, hoping someone has had good dealings with them.

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