Transfering my pension into cash early...?

bored_of_debt

Hi,

I have a pension with my company that I am now leaving.

I have a small amount in the pension circa £6k and would like to turn this into cash.

The company will now freeze my pension with the option to leave it with them or transfer it elsewhere.

Is there 'somewhere' I can transfer it where I can then turn it into cash?

Thanks for your help

MikeJones_2

What is you age and what type of pension is it (defined benefit such as a final salary type scheme) or money purchase (such as a Grouped Personal Pension Plan) and how long were you in the pension scheme for?

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

dunstonh

I have a small amount in the pension circa £6k and would like to turn this into cash.

You cant.

Is there 'somewhere' I can transfer it where I can then turn it into cash?

No.

Pensions are for retirement and the Govt has a set of rules to stop people accessing them before certain ages.

MrChips

You could invest it in cash - but this isn't advisable if you are many years from retirement as it is expected to have low long term expected returns.

You couldn't access the money until retirement (minimum age 55) though.

bored_of_debt

I'm 23, the pension is just over 2 years old, it's a Personal Pension plan, but it's funded by the company takeing my five percent of my salary then they add it to their contribution for tax reason i think...?

I plan on paying in to a pension again within a couple of years but at the moment the cash would be better used else where...

Thanks for your responses guys

MikeJones_2

Hi bored of debt,

I was just checking to make sure we had some more relevant facts as there are one or two scenarios that you might have been able to get cash (if you had fitted the criteria, which we now know you don't).

Given your specific answers then, dunstonh's reply tells you what you needed to know.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a current member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.

bored_of_debt

Oh ok, cool, I thought i'd ask the question...

Think it's time for me to do a bit of research now!!

Cheers