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    • In terms of "why didn't I make a claim" - well, that has to be understood in the context of the long-standing legal battle and all its permuations with the shark. In essence there was a repo and probable fire sale of the leasehold property - which would have led to me initiating the complaint/ claim v SPF in summer 19. But there was no quick sale. And battle commenced and it ain't done yet 5y later. A potential sale morphed into trying to do a debt deal and then into a full blown battle heading to trial - based on the shark deliberately racking up costs just so the ceo can keep the property for himself.  Along the way they have launched claims in 4 different counties -v- me - trying to get a backdoor B. (Haven't yet succeeded) Simultaneously I got dragged into a contentious forfeiture claim and then into a lease extension debacle - both of which lasted 3y. (I have an association with the freeholders and handled all that legal stuff too) I had some (friend paid for) legal support to begin with.  But mostly I have handled every thing alone.  The sheer weight of all the different cases has been pretty overwhelming. And tedious.  I'm battling an aggressive financial shark that has investors giving them 00s of millions. They've employed teams of expensive lawyers and barristers. And also got juniors doing the boring menial tasks. And, of course, in text book style they've delayed issues on purpose and then sent 000's of docs to read at the 11th hour. Which I not only boringly did read,  but also simultaneously filed for ease of reference later - which has come in very handy in speeding up collating legal bundles and being able to find evidence quickly.  It's also how I found out the damning stuff I could use -v- them.  Bottom line - I haven't really had a moment to breath for 5y. I've had to write a statement recently. And asked a clinic for advice. One of the volunteers asked how I got into this situation.  Which prompted me to say it all started when I got bad advice from a broker. Which kick-started me in to thinking I really should look into making some kind of formal complaint -v- the broker.  Which is where I am now.  Extenuating circumstances as to why I'm complaining so late.  But hopefully still in time ??  
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Cashing in a Pension Pot at 55 to buy a house while on benefits


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I know we will have to pay tax and see a financial advisor but I have also been advised that it will not affect our state pension.

 

I just don't understand which of the two amounts above is the one we will get before tax :)

 

We are currently living in a terrible council flat which is making my mental and physical illnesses worse. We HAVE to get out of here.

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the current provider cant charge you for transferring elsewhere, the law says you have the right to.

Some older schemes have a penalty in their rules but they are trumped by the law as it stands so dont accept such a term.

 

the pension pot is divided into 2 parts for purposes of calculating a pension.

 

The GMP part is money that is used to guarantee a certain level of payout that would be equal to what you would have got from the govt SERPS scheme if you had been enrolled in that instead.

 

This is generally higher than the standard paypout you would get as an annuity for the same amount of cash by a long way

it will be worth your while to take advice as to what the pension will be from the GMP pot.

 

As your pension pot is a decent size you will not be allowed to cash it in without taking advice anyway.

 

Does your scheme allow partial transfers out?

If so that may be an option,

some dont so you will have to move the lot to another provider before you make a decision on what to do so again advice should be sought before you do this.

 

Tax is not an issue for one sum or the other, it will apply to whatever amount you take out, not the pot.

 

So take out £100k and you will get £25k tax free and then pay tax as though it was income for the year

so you will be paying 40% on most of it as it will push your earnings up above the £32k threshold so you will get hammered.

 

That makes a drawdown seem sensible but mortgage co's might not like the figues you produce to show your income using it as part of that income.

They worry that in 20 years time you are potless and only have the old age pension.

 

Again, somehting your visit to an advisor will be able to help you with regarding numbers

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  • 2 months later...

Please can someone help me :')

 

I have a defined benefit pension with DHL … they call it a money purchase with guaranteed minimum pension underpin.

 

I cannot access this pension when 55 or take any of the new options but I can transfer it out.

 

My current situation is that we lost everything in the credit crunch, became homeless for 2 years but still tried to continue the business.

 

An online hate campaign by a handful of florists, including death threats caused me to have a stress breakdown. This made me vulnerable and we were therefore housed in the worst council estate on Anglesey. It is so bad that they have now installed CCTV Cameras.

 

I am on PIP, my partner is my carer and we are on income support.

 

When I first realised how much was in the pension pot I spoke to the DWP and Income support. They confirmed that to completely draw down the pension to purchase a house would be fine and that we would only lose income support for the brief period that the funds were in my account.

 

My health continued to deteriorate both mentally but mainly physically and the only thing that has kept me going knows I could access this pension at 55 and buy a house.

 

Having a house with a workshop, which we have found would allow my partner to potentially start a business whilst still being on hand for me full time. The house also has a garden, which would be extremely beneficial to my health.

 

I know of all of the other options and this is the best one for us.

 

However one pension advisor was told he wasn't qualified to deal with this type of pension and so he passed it onto a comany called Pension Help but they have refused to do it.

 

I know there are legit companies out there who will do it but it's like trying to find a needle in a hay stack.

 

Please, please could someone help :'(

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Hello there.

 

I've merged several threads that you've posted to keep the information together.

 

If Pension Wise can't help, have you spoken the the Pension Advisory Service, TPAS? I'm not up to speed on the current rules for GMP funds, but in the past you could only use them to buy an annuity. That could have changed with new rules, I don't know.

 

There isn't a simple answer to this, including the possible deduction of tax from drawdown plans.

 

There are also IFAs, independent financial advisers, who you can talk to. The one I know of is Hargreaves Lansdown who have a good helpline, I'm sure there are others. You need to get as much information as possible about your choices so that you don't end up with an unexpected tax bill for instance. There's no simple answer to this and nobody on CAG is authorised to advice on pension transfers as far as I'm aware. You need to do your homework, I'm afraid.

 

HB

Illegitimi non carborundum

 

 

 

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My suggestion is to wrk out what you have got as far as cash gors that does not include any GMP part of the pension. Apart from paying you something in the future this money is what is giving the advisors headaches, they can lose a lot of money in compensation claims if they advise on this and get it wrong or things change in the future and that is why they dont want to discuss it. Have you looked at leaving that portion where it is until you are 65 or whatever age would normally kick start the pension? Will the schemes allow that? Can you move the disparate pensions to one place and then access the non GMP money from there?.

Once you know what questions you need to ask you will find getting answers easier.

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