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Financial Advice Case study

John, age 55, was approached by a broker, who told him he could get his money “out” of the pension scheme for a small fee.

John was no longer working in construction and wished to access his money and was delighted that the broker could help him.   John was advised that in order to access his money, he could transfer to a Personal Retirement Bond, which could be arranged for a fee.  Once invested in the Personal Retirement Bond, John could then seek to draw down the fund as a retirement benefit.  Based on his fund value and service, John was advised he could draw his fund as a tax-free lump sum from the Personal Retirement Bond.

John completed forms provided by the broker to complete the transfer and sent them to the scheme administration. 

John called the benefits team in CWPS to discuss his transfer.  The team looked at his details and assured him, that based on his current circumstances, he could, if he wished, draw down the fund as a retirement benefit directly from the scheme.  John asked if it would still be tax free – and was advised that based on his personal details, that yes, it would be tax free.  John asked if the team would also apply a charge for this service.  The team advised that there would be NO fee for this service.

John cancelled the transfer to the PRB and took his benefit directly from the scheme - John did not incur any fees.

If you have been approached by a broker who has a way of getting access to your money, then it is worth noting, that you probably already do have access to that money already.  It is worth speaking with the benefits team in advance of making any decisions.

It is also worth noting, that a good broker should or would already know this or will have sought this information for you.

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