Can I "cash-in" my personal pension somehow ?

135

Comments

  • d4005
    d4005 Posts: 18 Forumite
    chesky369 wrote:
    I don't see why the pension withdrawal law should be changed, simply because some people don't understand what a pension is meant to be. If you want to be able access your money, start a saving scheme. And yes, I'm probably being pompous too.
    I don't blame my IFA for getting me into a pension when I really wanted an alternative tax-free savings scheme. When I was in my mid 20's and contributing to my personal pension, I was fully aware that it was a pension and couldn't be withdrawn early. I was, however, told that it could be drawn from age 50. It's the law that's changed to extend this to 55 that peeves me most. If it's a personal pension, then I don't see how the Government can get involved. It's their responsibility to dish out the state pensions, but a PP should be private IMHO.

    When I came here to ask if there was any way I could get my money out of my personal pension, I wasn't expecting to hear a yes answer. I just figured it'd be dumb to not at least ask. Lo and behold, I'm told that with me having emigrated, there are options available to me.
  • chesky369
    chesky369 Posts: 2,590 Forumite
    I was replying to Flisspops, not you d (if I can call you by your first name); it was Flisspops who wanted to initiate a change in the law.
  • averageguy11
    averageguy11 Posts: 405 Forumite
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    DP..yur reply of yesterday is noted :)
  • chris1968_2
    chris1968_2 Posts: 4 Newbie
    flisspops wrote: »
    I've been thinking about asking Martin to start a new revolution - no doubt with the blessings of his Money Savers - to challenge existing pension withdrawal laws (vis a vis credit crunch, potential stagflation, future inflation). What do you think readers?

    you can take it out early i have done at 42 and know a few people that have
  • chris1968_2
    chris1968_2 Posts: 4 Newbie
    pm me if you want to know how to do it
  • chris1968_2
    chris1968_2 Posts: 4 Newbie
    d4005 wrote: »
    I know that the general rule is that money in a pension is locked in there until you retire, although you're free to transfer it to another pension.

    I really regret having funded my pension so much and would like to get the current transfer value out in cash to manage myself. Considering that the contributions made into it were tax-free, I fully expect that I'd have to take a tax hit when I cash out (if it's even possible) but I'm prepared to accept that. I'd basically be saying I changed my mind and wished I'd not made any contributions into it in the first place.

    Is there any way I can do anything with that money that's locked in there, other than transfer it to some other pension? This question is related to my other question I posted about the retirement law changing from 50 to 55, hence my plans getting screwed up somewhat.
    :beer: yes you can i have done and so have a lot more, there are ways to do it
  • mjm3346
    mjm3346 Posts: 46,888 Forumite
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    loads of luvverly :spam::spam::spam::spam:
  • dzug1
    dzug1 Posts: 13,535 Forumite
    First Post Combo Breaker
    edited 6 December 2010 at 12:44PM
    chris1968 wrote: »
    you can take it out but it takes a few weeks. i am 42 and have done this for myself and some friends. if you want to know how email back and i will contact you

    In that case why not post it here? If it's legal and honest and you are not a spammer/scammer the information will be in the public domain anyway so you won't be losing anything.:money:

    A new poster who has just 4 posts all saying the same thing without a shred of supporting evidence ain't going to be taken seriously
  • chris1968_2
    chris1968_2 Posts: 4 Newbie
    private pensions can be taken in a cash lump sum via sending it overseas.
  • dunstonh
    dunstonh Posts: 116,307 Forumite
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    chris1968 wrote: »
    private pensions can be taken in a cash lump sum via sending it overseas.

    And the firms that do this often are not FSA authorised (in the UK, as some hold passporting rights) and charge massive amounts for doing it. Its a high risk area that has tons of mis-selling going on.

    It is also potentially subject to HMRC retrospective action for which the consumer would be liable.
    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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