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Review of the Virgin Money, Pensions:

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Virgin pension fund is all hype no substance

I chose virgin thinking Sir Rich's would provide a fair service in the confusing mess of the pension world. But it doesn't match the hype (ditto for it phone and internet services I used to use). After 5 years I wanted to drawdown form the stakeholder pension, as I could in my much older pension with another provider. Turns out my fund in virgin can only be transferred to another fund to be drawn down or as an annuity. The virgin pension web site and brochure brag how modern its pensions are, and provides great options and services since the pension reforms. This is not true. The other option is to withdraw the lot in one go and get taxed heavily. Sure 25% is tax free, but the rest will be taxed at 40%, as it's based on the annual tax, and is added to other income. Reviewed on: 12th October 2023

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