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  • FIRST POST
    • thebluemax
    • By thebluemax 15th Jul 17, 12:05 PM
    • 1Posts
    • 0Thanks
    thebluemax
    Loan against Pension?
    • #1
    • 15th Jul 17, 12:05 PM
    Loan against Pension? 15th Jul 17 at 12:05 PM
    Hi,


    I have a Corporate Pension held with a Pension Company in Reading.
    I've been told I can cash it out when I turn 50 which is about 9 months
    away. I worked in tech so I was always changing company and there's
    not much sitting in there but I could use it now rather than waiting some
    months until I'm 50. I know from the contributions I made there's
    around £6K + whatever interest the Pension paid between 91-to date


    I think what I'm looking for is a Loan secured against my pension which
    will pay out in April 2018.


    How would I go about doing this?


    Best regards,
    Marcel
Page 1
    • molerat
    • By molerat 15th Jul 17, 1:37 PM
    • 16,609 Posts
    • 10,828 Thanks
    molerat
    • #2
    • 15th Jul 17, 1:37 PM
    • #2
    • 15th Jul 17, 1:37 PM
    Are you sure you can commute the pension to a lump sum at 50 ?
    Last edited by molerat; 15-07-2017 at 1:40 PM.
    www.helpforheroes.org.uk/donations.html
    • Silvertabby
    • By Silvertabby 15th Jul 17, 2:39 PM
    • 1,258 Posts
    • 1,463 Thanks
    Silvertabby
    • #3
    • 15th Jul 17, 2:39 PM
    • #3
    • 15th Jul 17, 2:39 PM
    Are you sure you can commute the pension to a lump sum at 50 ?
    Possible as long as:

    Pension is payable from 50

    It doesn't include a GMP

    OP: Run a mile from any company who tells you that if you transfer your pension benefits into a scheme that they control, they will 'advance' you a loan. This is an infamous scam.
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