Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
Page 1
    • Sue-UU
    • By Sue-UU 28th Jan 08, 12:10 AM
    • 8,244 Posts
    • 44,483 Thanks
    Sue-UU
    • #2
    • 28th Jan 08, 12:10 AM
    • #2
    • 28th Jan 08, 12:10 AM
    Hi Chippy, as you've had no contenders to this one - and I'm afraid I don't know the answer either - how about popping into (or phoning) the Citizens Advice Bureau and putting the question to them. They're trained with all that sort of thing and will be able to answer you quickly (though you may have to wait a while for them to be free if you phone) and thoroughly.

    All the very best, Sue.
  • Retired I.F.A.
    • #3
    • 28th Jan 08, 12:29 AM
    • #3
    • 28th Jan 08, 12:29 AM
    :rolleyes: What are the costs of cashing your pension early?

    How are the fees calculated?

    can you get out what you've paid in?
    Originally posted by chippy22

    Which of my pension plans do you mean?

    What fees?

    Yes thankyou.

    Your going to have to be a bit more specific chippy
    • Andy L
    • By Andy L 28th Jan 08, 8:22 AM
    • 7,301 Posts
    • 5,293 Thanks
    Andy L
    • #4
    • 28th Jan 08, 8:22 AM
    • #4
    • 28th Jan 08, 8:22 AM
    You can't cash in a pension early, ie before the minimum legally allowed age (50, rising to 55) unless, IIRC you are diagnosed terminally ill.

    Taking a final salary pension before the scheme retirement age (usually 60-65) results in reductions defined by the scheme rules

    The earlier you take a money purchase pension the less it pays out as you've invested less & it has to pay out for longer. The exact amount depends on the state of the stock and annuity markets at the time
    • dunstonh
    • By dunstonh 28th Jan 08, 9:21 AM
    • 81,110 Posts
    • 46,355 Thanks
    dunstonh
    • #5
    • 28th Jan 08, 9:21 AM
    • #5
    • 28th Jan 08, 9:21 AM
    how about popping into (or phoning) the Citizens Advice Bureau and putting the question to them. They're trained with all that sort of thing
    They are not trained for that sort of thing. They would breach FSA rules if they were to. Chances are they would tell you to use an IFA or give you the number of an IFA that they have on their contact list. I have been contacted a few times from the CAB do answer questions in a regulated area. Something like this is not generic though and would require research (assuming early commencement rather than termination which as Andy says is not possible).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
Welcome to our new Forum!

Our aim's to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

4,950Posts Today

8,189Users online

Martin's Twitter
  • British Gas 5% gas only price cut's paltry, like the rest, typically youll still be RIPPED OFF £300/yr. Check now https://t.co/4z6ZQAFv5T RT

  • Trust me reading about it isn't as bad as experiencing it https://t.co/c4GAjeuxcU

  • Just got into an empty lift at Itv. And quite clearly there's been a very recent very farty previous resident!

  • Follow Martin