Where to put the pot

[Toneekc]

Hi Everyone

I'm new to the forum, after have a good look round and liking what I see, I'd love to hear your views.

I'm asking this question after speaking with PensionWise and been investing in equites over a number of years but no so much in funds.

We have access to a small pension pot (74,500) on the 2nd Feb 2021.
We don't really need it this coming year however, we would like to activate a pension around the same time the following year.

The pension plan is with Sun Life of Canada who do not deal in pensions however they work with Legal & General and point you in their direction.
Not being to overwhelmed with what L & G had to offer, (one of four funds) we have a couple of options:

a) We can leave it where it is for another 12 months.

b) Activate a pension by transferring to a pension provider, taking the tax free 25% with the rest in a drawdown pension which we think is a better option with annuity rates being so low.

(c) Transfer to a SIPP invest the money in 10 – 12 funds for 12 months see how the investments turn out and at the end of each year take out a lump sum with 25% of it tax free.

My question is, whats stoping me from taking option (c)

[GrahamPlatt]

You’ll not have seen this then? viewtopic.php?f=17&t=26891

[Toneekc]

Thanks Graham

I didn't see the post, more or less the same situation.

Happy new year.

Tony