I want to cash in a pension

Cash_Matress

I'm 42 and have a pension with Norwich Union. last month 10% was wiped off the value due to these guys not knowing what they are doing, and the fund overall has been static.

I want ot get the money out of this company and invest it in a business opportunity I've had which I KNOW I can make far more than the fund will if left where it is.

Is the ANY way I can get my money out now? I PM'd a formum member who said they had done this using a double dealing system but I've had no reply.

SURELY there is someone on here who can help.

BTW I'm a company director so could use this in some way maybe??

jamesd

Your pension contributions are locked up until you're 55. There are various schemes that claim to get the money out but whether it ends up with you or with the criminals is the hard part to determine about any particular claim. There aren't any legal ways to do it unless you're leaving the UK permanently, meaning a minimum of five years, after which there's a chance that in some parts of the world local schemes there might fail to follow HMRC requirements, at the risk of being barred from accepting transfers in the future.

What investments did you select in your Norwich Union pension? How long have you had it?

Now, having said that there's no way to get the money out of the pension, that's not entirely true. It is possible to inside the pension take a high risk position that an investment will go up in value and outside a matching position that it will go down in value. One or the other will win and you'll either gain money in the pension or outside it. You could try repeating this until the outside bet wins, or until you run out of money outside the pension (or both if fees end up consuming it all before it works).

dunstonh

NU is a good provider. Many of their funds perform above sector average an in line with the underlying investments you have chosen. If it is stockmarket linked then it would have gone down recently. That doesnt make it bad. Especially when you consider that it would have spent the previous 6 years with excellent returns.

Not being harsh but until you understand investments and risk & reward then you would have to question whether you think this business opportunity is any good or not. After all, the basic principles are the same.

project500

Not being harsh to those being harsh but does anyone really understand investments properly? Nearly all investments are essentially gambling and the risk reward does not always become apparent even to an experienced investor or bank until well into a nasty cycle.Hence the current monetary crisis. Financial advisors can essentially only help you "place your bets" and using industry guidelines to absolve themselves of responsibly if your bet goes against the market to say "well everyone who did that is loosing ".


In my relatively successful experience in business over the years I have found that there is no better investment than to invest in yourself and your business and your business expansion .As against putting money into pensions its just not in the same league for return.But you have got to know your business and know it well .Even then you may fail through the actions of yourself .You see its a gamble whatever you do .You weigh up the odds and place your bets .At least if your gambling on your own efforts you have no one to blame but yourself if it goes wrong.

EdInvestor

The failure rate of small businesses is pretty high.

Thise who can be bothered to learn a bit about investment and grasp its principles, such as diversification, applying the correct time frame, keeping charges and taxes under strict control, can do quite well .

Investing is a lot less like hard work than running a business

Cash_Matress

Thanks All.

I agree that investing in yourself is the best way. I can easily make 20% or more if I can get at this cash pronto. I want to invest in my own business. Ihave just secured a sole UK importership of a VERY good product and I need the money to invest in it.

I'm not really interested in a pension as I feel I wont need it if I get the other things I do sorted, but I have to move fast. I have projected sales of around £180K in the first year with this product. If anyone can name a company that can "buy me out" I'll take any REASONABLE loss on the amount (£10K).

LongTermLurker

Cash_Matress wrote: »

Ihave just secured a sole UK importership of a VERY good product and I need the money to invest in it.

With respect, and you might be right, there are a lot of companies who believe they have the perfect product but unfortunately, few others do - you only have to watch Dragons' Den to see some of the rubbish ideas out there.

Cash_Matress wrote: »

If anyone can name a company that can "buy me out" I'll take any REASONABLE loss on the amount (£10K).

That's an impossible proposition as you haven't indicated what line of business you are in - an engineering company isn't going to buy out an oriental vegetable importer, no matter what the projected figures are.

If your potential customers don't happen to see the world through your eyes, you'll need that pension more than most of us. Did you read Ed's comments? They make some sense. But good luck, anyhow.

bigturnip

Cash_Matress wrote: »

I have projected sales of around £180K in the first year with this product. If anyone can name a company that can "buy me out" I'll take any REASONABLE loss on the amount (£10K).

£180k revenue in your first year from a £10k investment, I doubt even Branson or Sugar could have done that.

sdooley

If your business plan is good and your planned capital deployment is reasonable, the high street banks will be queuing up to lend, even in this climate. If it isn't good, or if you require a high level of capital relative to your own resources, best not to bother trying to wreck your own retirement. They lock your money away from you for a reason.