prudential pension payout

grannygreyhips

hi,is their any way to cash in or transfer the funds from prudential pension
taken out april 1987 dont retire till 2024
thank youx

dunstonh

You can transfer the funds to another personal pension but you cannot "cash in" a pension. The Govt gives you tax relief on the contributions for you to save for retirement, not to spend earlier or have access to, to spend as you like.

A pre 1988 Pru pension mave have guarantees on it which are worth keeping.

EdInvestor

If you are over 50 you can take a 25% tax free cash lump sum from the fund, plus an income.The latter is arranged either through setting up an income drawdown plan in a Sipp, where you keep the money invested and take the interest/dividends as your income, or by giving the money to an insurance company, which then pays you an annuity - a guaranteed income for life.

Both incomes are taxable.

grannygreyhips

dunstonh wrote:

You can transfer the funds to another personal pension but you cannot "cash in" a pension. The Govt gives you tax relief on the contributions for you to save for retirement, not to spend earlier or have access to, to spend as you like.

A pre 1988 Pru pension mave have guarantees on it which are worth keeping.

thank you for advice before i did something daft! im reviewing all outgoings
and thanks to this site im waiting for payout from endowments,keep up the great work

grannygreyhips

EdInvestor wrote:

If you are over 50 you can take a 25% tax free cash lump sum from the fund, plus an income.The latter is arranged either through setting up an income drawdown plan in a Sipp, where you keep the money invested and take the interest/dividends as your income, or by giving the money to an insurance company, which then pays you an annuity - a guaranteed income for life.

Both incomes are taxable.

thank you, what is (SIPP)! also is it possible to put pension into
exsisting life policy or endowment and get an income!

EdInvestor

grannygreyhips wrote:

thank you, what is (SIPP)! also is it possible to put pension into
exsisting life policy or endowment and get an income!

A SIPP is a Self Invested Personal Pension. Same as an ordinary personal pension but it has a larger range of things you can invest in - eg shares and gilts, not just funds. You can't put a pension into a life policy and get an income - you have to put it into either a Sipp or an annuity. But you can only do this after you turn 50 (55 after 2010.)

dunstonh

thank you, what is (SIPP)! also is it possible to put pension into
exsisting life policy or endowment and get an income!

Why would you want to do that? For a nil, lower or basic rate taxpayer, the pension is more tax efficient than life funds.

Beside that, you can't.