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pension redemption?
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# 1
chippy22
Old 27-01-2008, 9:26 PM
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Question pension redemption?

:rolleyes: What are the costs of cashing your pension early?

How are the fees calculated?

can you get out what you've paid in?
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# 2
Sue-UU
Old 28-01-2008, 12:10 AM
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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.
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# 3
Retired I.F.A.
Old 28-01-2008, 12:29 AM
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Quote:
Originally Posted by chippy22 View Post
:rolleyes: What are the costs of cashing your pension early?

How are the fees calculated?

can you get out what you've paid in?

Which of my pension plans do you mean?

What fees?

Yes thankyou.

Your going to have to be a bit more specific chippy
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# 4
Andy L
Old 28-01-2008, 8:22 AM
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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
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# 5
dunstonh
Old 28-01-2008, 9:21 AM
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Quote:
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 a Financial Adviser. 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.
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