Summary
PENSION policyholders asking for their cash on retirement need to get their timing spot on, or they could be hit with a 20-per cent- plus deduction from their fund for "early payment".
The extraordinary penalty was discovered by independent financial adviser David Trenner of Glasgow-based Intelligent Pensions when he submitted annuity payment forms to Scottish Equitable on April 7, on behalf of a client reaching age 75 on April 10.See the full content of this document
Extract
Cash in Your Pension at the Right Time, or Lose Thousands
The money was paid out on April 19, but more than pounds-22,000 was missing in the form of a "market value reduction" (MVR) , levied in the case of "early retirement".
When T...See the full content of this document
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