Pension holder faces unexpected £3,000 fee to access tax-free cash, highlighting SIPP complexities.

A man with a Self-Invested Personal Pension (SIPP) worth £120,000 faced unexpected costs of £3,000 for new property valuations to access his tax-free cash of £9,000. After threatening to complain, his provider AJ Bell offered a solution using a recent £30,000 cash payment, avoiding the need for valuations. This incident highlights the potential hidden costs and complexities involved in accessing funds from SIPP pensions.

4 months ago
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