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Pension fund transfer. Can I not just cash it in?!
HMG_2
Posts: 1 Newbie
I have a pension through my old employer and recently received a letter from them announcing a new pension arrangement. I have left them over a year ago and had been unaware of what exactly this was all about. there is quite a considerable amount of money in this and given my current financial state would provide a very welcome solution if I could access it! The letter states that I have 3 options 1) transfer fund to another employers pension scheme. 2) transfer fund to a personal pension plan. 3) transfer fund to an insurance companys pension buy out policy.
Can anyone tell me which, if any of these would enable me to access these funds in order to pay of my ever increasing debt??! HELP!
Can anyone tell me which, if any of these would enable me to access these funds in order to pay of my ever increasing debt??! HELP!
0
Comments
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How old are you? The youngest you can access pension capital is 50 ( rising to 55 in Aptil 2010). There are some very limited exceptions which don't sound like thay will apply to you - debt isn't one of them.0
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How old are you? The youngest you can access pension capital is 50 ( rising to 55 in Aptil 2010). There are some very limited exceptions which don't sound like thay will apply to you - debt isn't one of them.
....and then it is usually only 25% of the capital.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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