Leaving...help please

Pupster

My husband and I are council employees and have paid 6% into West Yorkshire Pension Fund for about 10yrs. Im 53 and Hubby is 46. We are now buying a business and want to leave our jobs...WYPF say if we leave the council we cannot have the money but can transfer to another pension scheme or have it when I am 60. Is there any way to get at this money....could really do with it??! Thanks :rolleyes:

dunstonh

. Is there any way to get at this money....could really do with it??! Thanks :rolleyes:

Not directly no. The govt doesnt give all these perks for people to just go out and spend it.

HOWEVER, the following is mentioned with caution and could go from being bloody good advice to being bloody awful advice if you were to get it wrong. It would also have to be suitable and there is no way to tell based on what you have said. If you are buying a busines with a commercial property, you could investigate transferring into a SIPP/SASS and buy the property within the pension scheme.

You would be giving up a cast iron pension scheme with defined benefits in exchange for helping you in the business venture. However, that is something that many will consider a valid exchange. Others wouldnt want to anything of the sort.

There are lots of provisos and this is a specialist transaction but it is one that if suitable and done correctly can save a fortune. If done on a whim or without professional advice from an IFA specialising in that area you could make a complete pigs ear of it.

Pupster

Thanks for that..will have words in suitable ears.............cheers

Pal

Pupster wrote:

will have words in suitable ears...........

Not pig's ears then?

Pupster

Hope I dont make a 'pigs ear' of it