Can I cash in my pension?

angieb58 wrote: »

I'm self-employed, 54yr old, with a PPP since 1998,@£255,per mth.I have,from Dec,2012,frozen payments due to,no work and therefore no money coming in from my work.The pension company have informed me there will still be a monthly fee to maintaine my PPP.can anyone help with options/ideas.thank you.

You could consider a transfer to another pension scheme, though all will charge you something for their services.

What is the value of the scheme and how much is the charge?

Additional attention should be given to any guarantees or protected tax free cash that might be attached to this policy, so be careful before deciding you definitely want to move.

Going back to the original question I didn't think that you could actually sell your pension only take a loan out against it like a pension backed loan or something. I don't know that I'd risk loosing my pension although goodness knows what it will be by the time I retire.

I have a opted out pension (state pension )

What you mean is you contracted out of SERPS/S2P. Not the state pension (which typically means the basic state pension. You still get that bit.

was worth £28000 last year now had statement worth £22000

There has been no event over the last 12 months that would have caused a drop of that scale. Are you sure you are reading it correctly?

i also had a works pension which was worth £16000 which i reinvested £12000 in a storage company as that works pension had lost so much money. I have also got a frozen works pension worth £3500 with canada life

Rather than correct each of your errors, i am just pointing out there are some with that.

MY QUESTION IS can i take out my 2 work pensions out as lump sums when i am 55 that leaves 75% of my state pension still being invested

No.

I NEED ADVISE

You need advice.

ust want straight answers as i always seem to get an answer that leaves me more confused.

see a local IFA. You are mixing up terminology with plans where it is not possible and that is probably why you are getting answers you dont understand. However, the bottom line is that you cannot take your pensions as a lump sum.

ritthefeet wrote: »

I have a opted out pension (state pension ) was worth £28000 last year now had statement worth £22000 been told by company i can have 25% in november as i am 55 yrs but i also had a works pension which was worth £16000 which i reinvested £12000 in a storage company as that works pension had lost so much money. I have also got a frozen works pension worth £3500 with canada life
MY QUESTION IS can i take out my 2 work pensions out as lump sums when i am 55 that leaves 75% of my state pension still being invested I NEED ADVISE thank you just want straight answers as i always seem to get an answer that leaves me more confused.

If the 'storage company' is one of the investments into storage pods then I would suggest going and seeing a reputable independent financial adviser as soon as possible.

I've reviewed a few of those investments and EVERY single one I've looked at has raised concerns. The firms behind them source customers through often unregulated 'introducers' who receive very large commissions (we're talking 10%-20%) for finding them clients.

They guarantee a return for up to a couple of years (I do wonder whether this guaranteed return is funded by the investment of the next individual who is persuaded to invest, rather than genuine rent). Then, after a couple of years, the investor is likely to be left with a storage pod which they purchased at an artificially inflated price and no prospect of earning any money.

There may very well be reputable companies in this investment market, but I've yet to see an investment in this field which we'd allow our SIPP clients to hold.

The same applies to lots of investments in hotel rooms, car parking spaces, land with a view to development. Again, I'm sure there are reputable ones, just tread carefully.

was worth £28000 last year now had statement worth £22000

This could be down to what you are invested in, but I don't see how. All my pensions went up this last year.

hi, can anybody give me advice on my partners pensions, do we put them in one, he has got a canada life one , doesnt put anything in it, he opened it when we were told to contract out of serps, he has an avc, nothing going into it,from 1997 and his works pension ongoing

This isn't a Can I cash in my pension question, but more if a what should I do with these pensions question. so go to the main pension forum and ask. But include more details abt the sperate plans, and his current pension (ie is it a FS pension or a money purchase etc)