Cashing in small UK private pension

delfio

Registered User
Messages
169
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.
 
Can you change the portfolio in your fund to one that is more secure?

[broken link removed]

They have two fixed interests funds...
 
£32,000 in Jan at 1.29 is €41,280

£38,000 now at 1.12 is €42,560

The value hasn't increased much if you live in Euroland
 
£32,000 in Jan at 1.29 is €41,280

£38,000 now at 1.12 is €42,560

The value hasn't increased much if you live in Euroland

The exchange rate is not relevant to me at least for the time being anyway as I will be leaving the money in my UK bank account.
 
What does this mean, I do not understand pension funds at all as I said I requested for pension to be moved into a cash fund but my policy didn't allow it.

Contact them and ask them if you can movee your funds to one which offers fixed interest.

Ask them as well what other funds they have available for you and they should provide a description of the funds to you.

Put your administrator to work.
 
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