How do I cash in my pension?

135

Comments

  • elmer
    elmer Posts: 901 Forumite
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    I think if you can sign your name to put money into your pension you are probably clever enough to read the terms and conditions that go with it and therefore should be able to see that

    a you have no grounds for complaint and
    b you havent been mis sold a pension

    Elmer
  • McKneff
    McKneff Posts: 38,819 Forumite
    Name Dropper First Anniversary First Post
    Defo a troll and we fell for it.:rotfl::rotfl::rotfl:
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • bendix
    bendix Posts: 5,499 Forumite
    McKneff wrote: »
    Defo a troll and we fell for it.:rotfl::rotfl::rotfl:


    It's you, isnt it, McKneff? Come on. Admit it.
  • Emily1975
    Emily1975 Posts: 75 Forumite
    No need for everyone to get on my back just cos I don't know as much about pensions as you lot...

    Final question. I seem to remember my employer at the time also contributed to a pension for me (also with Norwich Union). Is this also inaccessible at the moment?
  • dunstonh
    dunstonh Posts: 116,321 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    I actually think its bendix.
    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
    I've been rumbled! Scarper!
  • bendix
    bendix Posts: 5,499 Forumite
    dunstonh wrote: »
    I actually think its bendix.

    It does sound a bit like me, I admit. But it's not. Honest gov.

    You know me dunstonh. I prefer to express my opinion a little more directly and forcefully. No need to hide behind new IDs from me.
  • lisyloo
    lisyloo Posts: 29,609 Forumite
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    No matter what the reason is, you will not be able to take a penny from it.

    I have read elsewhere that if you are terminally ill with less than 12 months to live (certified by 2 doctors) that you can access the money.
    The time limit is followed strictly so there is no lee way on the 12 months.

    Obviously this is not something you can engineer to get at your money, but can anyone confirm/deny?
  • Emily1975
    Emily1975 Posts: 75 Forumite
    edited 24 August 2010 at 5:23PM
    Yes, in cases of serious ill health (i.e. significantly reduced life expectancy) you can usually access the money immediately. Tax would usually be payable however. There used to be a loop hole whereby if you had GMPs then these couldn't be commuted but then no tax charge would be taken - not sure if this still applies.

    EDIT - I think it can be paid tax free now as long as it is below the lifetime allowance.
  • dunstonh
    dunstonh Posts: 116,321 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Emily1975 wrote: »
    Yes, in cases of serious ill health (i.e. significantly reduced life expectancy) you can usually access the money immediately. Tax would usually be payable however. There used to be a loop hole whereby if you had GMPs then these couldn't be commuted but then no tax charge would be taken - not sure if this still applies.

    EDIT - I think it can be paid tax free now as long as it is below the lifetime allowance.

    You might want to log out of that account now and repost that comment in your normal account.

    Not unless "Emily" has had a sudden IQ boost. ;)
    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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