Can I cash in my pension?

1…910121415…59

Comments

  • cambsno
    cambsno Posts: 15 Forumite
    So, just to clarify, the ads I have seen online offering to buy your pension should be avoided.

    I am under 40 and would like to cash in a pension worth approx - £25k
  • RichandJ
    RichandJ Posts: 1,087 Forumite
    cambsno wrote: »
    So, just to clarify, the ads I have seen online offering to buy your pension should be avoided.

    I am under 40 and would like to cash in a pension worth approx - £25k

    Like the plague.

    You can't. Unless you're terminally ill.
    It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.

    Johnny Was. Once.

    Why did he think "systolic" ?
  • cambsno
    cambsno Posts: 15 Forumite
    Thanks, it would have been great if I could have done but I was sceptical of the claims made
  • Stone_Circle_2
    Stone_Circle_2 Posts: 3 Newbie
    Browntoa wrote: »
    as this keeps cropping up as a question was kindly put together by tocsin

    made a "sticky" so it stays on the front page

    It's most probably a very stupid question but what do you mean by "sticky?"
  • jem16
    jem16 Posts: 19,397 Forumite
    Name Dropper First Post First Anniversary Photogenic
    Stone_Circle wrote: »
    It's most probably a very stupid question but what do you mean by "sticky?"

    It means the thread is stuck, as in pinned, to the top of the board so it never moves down. Therefore it should always be seen easily.
  • Glenelg_2
    Glenelg_2 Posts: 1 Newbie
    edited 10 May 2012 at 1:14PM
    Hi Guys, new to forum (be gentle!) as I've been looking at cashing in my pension and after advice. I'm 58 and my private pension matures when I'm 60 in 14months time. I'm self-employed P/T at the moment and business is GRIM so was looking at taking pension early. My Q's - Do I have a right to get my pension early? Or do I have to have a medical reason? Its a Local Government Pension Scheme. I found the forum whilst looking at "pension loans" and I'm glad I did !!! Thanks
  • jem16
    jem16 Posts: 19,397 Forumite
    Name Dropper First Post First Anniversary Photogenic
    Glenelg wrote: »
    Do I have a right to get my pension early?

    You have a right to request your pension early. It may or may not be granted. It will be actuarially reduced if you take it early.

    More information here;

    http://www.lgps.org.uk/lge/core/page.do?pageId=102450
  • Liverpool1981c
    Liverpool1981c Posts: 4 Newbie
    Im a serving police officer and am part of the 30 year pension scheme, i have 10 years service and due to the changes and working conditions i am looking to leave the job. The pension is looking to change in 2015 and i for one will not be signing on to a new scheme. My query is can i cash in my 10 year police pension or transfer it to a scheme i can. I am under 50 years of age also.
  • jem16
    jem16 Posts: 19,397 Forumite
    Name Dropper First Post First Anniversary Photogenic
    Liverpool1981c wrote: »
    The pension is looking to change in 2015 and i for one will not be signing on to a new scheme.

    Very foolish decision - probably the worst decision you can make finacially.
    My query is can i cash in my 10 year police pension

    No you can't.
    or transfer it to a scheme i can.

    Fortunately no you can't as it would be an extremely bad decision.
  • atush
    atush Posts: 18,726 Forumite
    Name Dropper First Anniversary First Post
    Liverpool1981c wrote: »
    Im a serving police officer and am part of the 30 year pension scheme, i have 10 years service and due to the changes and working conditions i am looking to leave the job. The pension is looking to change in 2015 and i for one will not be signing on to a new scheme. My query is can i cash in my 10 year police pension or transfer it to a scheme i can. I am under 50 years of age also.


    you could start a new thread. But I suggest you need to speak to someone, and by that I dont' mean your union.

    who have obv not explained to you that your current pension will be protected on the old terms- so no point in transferring. Onlky new contributions going forwards are ont he new terms.

    And the new scheme, while not as generous, is still better than 99% of other non public service pension provision. So there is nothing you could join, paying the same money that would be even equal if not way way worse.

    As said Jem said, Bad tought/decison and thank goodness fo you it is not possible.

    Surely you know some recently retire POs like ones mentinned in theads here? who retired age 48 with a full pension plus lump sum who have been able to retire at that age to a french cottage bought with their lump sum?

    any system that allows healthy individuals to retire w/o the need for further work at age 48 in this day and age where the life expectancy in in the late 80s must surely understand this isn't tenable for the long term?
★ ★ ★ Meet your Ambassadors

Categories

  • All Categories
  • 343K Banking & Borrowing
  • 250K Reduce Debt & Boost Income
  • 449.6K Spending & Discounts
  • 235.1K Work, Benefits & Business
  • 607.7K Mortgages, Homes & Bills
  • 173K Life & Family
  • 247.7K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards