Hi
I have a paid up private pension with AbbeyLife UK and the current transfer value is £38400. The value has increased alot over the last few months. I am thinking of cashing in the whole pension. I dont particularly need the money but I am concerned that markets may fall partly due to fears of brexit. I am 62 and don't want to risk losing a huge chunk of the money even though I will not need t for a few years. I enquired if I could move the pension into a cash fund but I was told that this is not allowed under the rules of the scheme. They have me invested in a managed fund. My question is would it be advisable for me to cash it in under new UK rules and put the money in a savings account instead? I am completely risk averse.
I have a paid up private pension with AbbeyLife UK and the current transfer value is £38400. The value has increased alot over the last few months. I am thinking of cashing in the whole pension. I dont particularly need the money but I am concerned that markets may fall partly due to fears of brexit. I am 62 and don't want to risk losing a huge chunk of the money even though I will not need t for a few years. I enquired if I could move the pension into a cash fund but I was told that this is not allowed under the rules of the scheme. They have me invested in a managed fund. My question is would it be advisable for me to cash it in under new UK rules and put the money in a savings account instead? I am completely risk averse.