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Cashing In Pensions
KatieN_2
Posts: 1 Newbie
Hi,
My husband recently discovered 2 previous pension plans. One had about £7000 and the other about £3000. He contacted the companies to find out if he could take the money out with a view to putting them in an ISA or our daugthers trust fund and was told he can't cash them in until he is over 50!!
Is this correct ?
Regards
Katie
My husband recently discovered 2 previous pension plans. One had about £7000 and the other about £3000. He contacted the companies to find out if he could take the money out with a view to putting them in an ISA or our daugthers trust fund and was told he can't cash them in until he is over 50!!
Is this correct ?
Regards
Katie
0
Comments
-
Yes it is - 50 at the moment and 55 in 2010.
This is the rules for Pensions which is why they are not called Savings Plans
At 55 he will be able to take 25% lump sum and either draw a Pension with the rest or keep it invested and draw the Pension at a later date.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
At the moment they are sitting in tax free investments (more tax free than ISAs). So, taking them out and putting them in an ISA (if you could do it) would be pointless anyway.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.0
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