Does anyone know how my friend can sell his pension please?

buel

Hi there, please can anyone help me? My friend has been unemployed for a while now as he has had to have a big operation on his knee, he used to pay into a mutual pension wih Scottish Amicable when he used to work for a company 4 years ago. His fund is currently £2010, he rang them to ask was there any way in which he could cash it in and they said that there wasn't, am i right in thinking that there are companies out there who are able to buy these pensions out? Thankyou for your answers in advance...!

MrChips

If your friend is over age 50, he can access the money now (all of it if he has no other (or very limited other) pension provision, otherwise 25% as a lump sum with the rest providing a pension). If he is under age 50, I'm afraid he'll have to wait.

EdInvestor

MrChips wrote: »

If your friend is over age 50, he can access the money now (all of it if he has no other (or very limited other) pension provision,

You have to be over 60 to access all of it.

MrChips

EdInvestor wrote: »

You have to be over 60 to access all of it.

Oops, good point.

How old is your friend OP?

buel

Hi there, im afraid he is only 29...

seven-day-weekend

If he is only 29 I'm afraid he can't access any of it until he is at least 55. He can't sell it either.

The Government are not too keen on people getting rid of pensions, ther purpose of which is to help fund your old age, that is why there are such stringent and specific rules.

buel

Hi there, thanks for that! So there is categorically no way he can touch his money? Not via a lump sum or any company?

seven-day-weekend

No, sorry.