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Can I transfer my Pension funds and buy a house?

peterbaker
peterbaker Posts: 3,083 Forumite
in Pensions, annuities & retirement planning
What's the latest news on this idea?
«1

Comments

  • dunstonh
    dunstonh Posts: 121,382 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Not until April 2006
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pal
    Pal Posts: 2,076 Forumite
    DD - do you know if you are going to be able to buy a property through a pension fund and then live in it yourself?
  • peterbaker
    peterbaker Posts: 3,083 Forumite
    Not until April 2006
    Damn! I was hoping to buy something in the slack market and give my pension funds some semblance of a final salary-saving boost!
  • dunstonh
    dunstonh Posts: 121,382 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    DD - do you know if you are going to be able to buy a property through a pension fund and then live in it yourself?

    There seems to be no firm news on this either way. Still no information on oversees properties either.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pal
    Pal Posts: 2,076 Forumite
    Damn! I was hoping to buy something in the slack market and give my pension funds some semblance of a final salary-saving boost!

    The bottom of the property market isn't going to be for another few years yet, so there is still plenty of time!

    DD - What is an oversees property? Do they have some kind of Big Brother face in one of the walls?
  • dunstonh
    dunstonh Posts: 121,382 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ;D oops
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • smart_boy
    smart_boy Posts: 8 Forumite
    I've heard a few sketchy details about this and wondered if anyone can help further. I can take my pension at 50 which will be in June 2006. Just after this change comes into force. I have been advised not to take my pension unless I need the cash. I may need the cash to help to buy a second property but this plan sounds ideal as a way of killing two birds with one stone. Can the whole pension pot be invested in property? And if so how do I find out how much is in my pension pot? Many thanks in advance.
    Nice to save.
  • dunstonh
    dunstonh Posts: 121,382 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Can the whole pension pot be invested in property?

    yes
    And if so how do I find out how much is in my pension pot? Many thanks in advance.

    Ask your pension provider what the current value and transfer value is. The latter is important as you would need to transfer the pension into a plan that allows to you to purchase the property with the proceeds.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Pal
    Pal Posts: 2,076 Forumite
    When you say "need" are you talking about a forthcoming divorce or other major lifestyle change, or do you "need" a holiday home?

    Either way Get some financial advice! Alarm bells are ringing all over this one.
  • smart_boy
    smart_boy Posts: 8 Forumite
    DD thanks for help. Much appreciated. Do you know if this scheme will DEFINITELY be launched in April 2006?

    Pal, not aware of pending divorce but you never know with my missus. When I say need it's actually a house for my daughter at university. It makes sense rather than see her pay rent. Also I'd far rather have my pension tied up in property than in some badly performing pension fund. Why are alarm bells ringing?
    Nice to save.
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