been with hargreaves for many years and always had good service . use standard life for pensions though as not quite brave enough to play with all these different funds .
Thread resurrection.
My wife has a frozen work pension with Legal and General which has dropped in value by around 15% in the last 18 months. How would she got about withdrawing the balance or buying another annuity? Would she need to speak to a financial advisor?
If it’s invested in shares then that kind of drop isn’t surprising, it’s what’s happened. You can normally transfer a pension very easily, but there are a number of factors to take into account: especially regarding guarantees and tax free lump sums. Unless you know what you’re doing, get a financial adviser.
As an aside, I recently found out that my largest pension pot had a requirement to purchase an annuity on retirement. So that’s been transferred to another provider!
Thanks Adam, it’s only about £10k so I’m not sure a FI would be worth it. I spoke to one regarding my pension an he wanted £1k to have a look at it.
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It sounds like it is uncrystalised -i.e it is still invested and she has not bought an annuity.
You can take the cash out of small pensions under the “triviality” rule.
What fund is it invested in? It might be better to sit it out and wait for the market to recover. Especially if you don’t need the money.