How do I cash in my pension?

245

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  • dunstonh
    dunstonh Posts: 116,027
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    But it's my money! It doesn't seem reasonable to me that I can't access it. What if I needed it in an emergency...

    Its not your money. It ceased to be your money when you paid into the pension. You placed it in a trust to be of benefit to you in your retirement. Hence why its called pension.

    Pensions are there to pay a pension. Hence the name. Not to be used as savings accounts.
    Would that be sufficient reasoning for Norwich Union to give me access?

    Your death.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Dick_here
    Dick_here Posts: 1,605
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    Emily1975 wrote: »
    But it's my money! It doesn't seem reasonable to me that I can't access it.

    This is a wind-up I assume. If not, I feel very sorry for you Emily :rotfl:
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  • savingforoz
    savingforoz Posts: 1,118 Forumite
    edited 22 August 2010 at 6:34PM
    This is a wind-up I assume. If not, I feel very sorry for you Emily :rotfl:

    I did wonder whether it was a wind-up when I read the first post. I find it hard to believe that anyone can be so financially illiterate. To cash in a pension in order to go on holiday? :eek: (not that it's possible, as so many before me have pointed out).

    Emily, if it's not a wind-up, how exactly do you see your retirement being funded, if not through your own contributions to a pension or stocks and shares ISA?
    Life is not a dress rehearsal.
  • bendix
    bendix Posts: 5,499 Forumite
    I suspect it's not a windup. Even if it is, it serves a useful purpose and is indicative of Oscar Wilde's theory that life imitates art. There will be literally millions of people who think like the OP and would happily raid their pension to pay for holidays or tvs because - let's face it -they're worth it.
  • amitkum
    amitkum Posts: 16 Forumite
    I think you can't withdraw it till you retire.
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    I think people should have to write in their own hand at the bottom of pension agreements that they understand that funds will not be accessible until retirement etc.

    This is something that is raised on this forum enough times to demonstrate that it isn't being correctly explained at the outset or that it's not been fully understood.
  • bendix
    bendix Posts: 5,499 Forumite
    I tell you what - I wish it were possible to trade in pension policies. I would gladly offer all of these posters 50p in the £ for their pension funds, and add them to my own.

    Sigh . . if only t'were possible.

    Dunstonh, I'm assuming it's not, right?
  • dunstonh
    dunstonh Posts: 116,027
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    I think people should have to write in their own hand at the bottom of pension agreements that they understand that funds will not be accessible until retirement etc.

    Problem is that people claim all sorts after the event. So, what else are you going to get them to write down to say what was said?

    I think it just shows how society is getting more stupid and taking less responsibility for their actions.
    Dunstonh, I'm assuming it's not, right?

    You could make a bob or two doing that. Would be nice. However, you would probably find some claims company phoning people up 10 years later saying that you mis-sold them and they can get compensation. (irrespective of what they wrote in their own handwriting).
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Emily1975
    Emily1975 Posts: 75 Forumite
    edited 24 August 2010 at 3:53PM
    I called Norwich Union today (although they seem to have been taken over by Aviva now). They agreed that it would be impossible to access the money now and said it was to do with tax relief.

    I still think it's outrageous and I am going to write to them to complain. Do you think I could be entitled to some compensation in lieu of the inconvenience?

    is this an example of miselling?
  • dunstonh
    dunstonh Posts: 116,027
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    called Norwich Union today (although they seem to have been taken over by Aviva now).

    No they havent. They changed their name.
    I still think it's outrageous and I am going to write to them to complain.

    What you are going to complain about? The fact that your pension is a pension and that they are complying with rules and legislation when you dont want them to.

    Why don't you write to Ford at the same time and complain that their cars cant fly you to Spain.
    Do you think I could be entitled to some compensation in lieu of the inconvenience?

    None whatsoever.
    is this an example of miselling?

    I now believe you are a troll as no-one can be this stupid.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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