We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Old Pension Doing Nothing
CD_Man
Posts: 32 Forumite
Hi there - I setup a pension within my old job which I was made redundant from 2 years ago - since then nothing has been paid into my pension & my current employer runs there own scheme.
Is there anyway of me obtaining the money thats sitting in my old pension or will i really have to wait until Im 65 for it where it will be worh next to nothing. At the moment theres not a huge amount in there, around £4k but Im buying my 1st property and could really do with any extra cash.
Thanks
Is there anyway of me obtaining the money thats sitting in my old pension or will i really have to wait until Im 65 for it where it will be worh next to nothing. At the moment theres not a huge amount in there, around £4k but Im buying my 1st property and could really do with any extra cash.
Thanks
0
Comments
-
Sorry CD Man, I don't have the answer but I am interested as I am in the same situation. I had a private pension with Standard Life which I stopped inputting to when I joined the civil service pension scheme.
I get annual updates on whats in the kitty (around 24k) but I am also interested to know whether I can touch it any earlier than 65?0 -
Sorry folks, unlike an endowment or savings policy you cannot 'cash in' a pension plan.
If it is with a poorly performing company then it should be possible to transfer the policy value to a new company.
With current personal pensions the earliest you can touch any of the money is age 50. BUT you can only take max 25% as cash with a personal pension and the rest as an annuity/pension. With large funds you can opt for drawdown which gives some flexibility in how much income is taken.
Pension law is complicated, I suggest seeking advice before doing anything.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
£4000 wont be next to nothing. If you look at average long term growth of 7%, then that is beating inflation at 2.5%.
As mentioned above, if you have concerns over the fund, then you could investigate alternative options. One of which is transferring into your current scheme.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 -
headcovers wrote:I had a private pension with Standard Life which I stopped inputting to when I joined the civil service pension scheme.I get annual updates on whats in the kitty (around 24k) but I am also interested to know whether I can touch it any earlier than 65?
Not before 50 now (55 after 2010) at which point you can take 25% in cash, but a pension fund worth 24k is well worth keeping an eye on.
What funds is this one invested in?
If any of the money is in the With profits fund, you should get a free shares windfall in the summer from the demutualisation as well
Trying to keep it simple...
0 -
Hi all, not really understanding the nitty gritty of pensions. Like all of us recently, we have all seen the warning signs on the news, reporting that lots of people who have contributed to there company pensions, they get made redundant, and by magic, all the funds have dissappeared. I transferred over from one company to another using the "toupe" arrangement. My pension was then frozen in my "Imperial Pension" pot. There seems to be lots of goodies about it, ie growing in pace with inflation. What if due to some unforseen reason, (ie like these other poor souls have experienced) it suddenly goes bust or similar. I am contemplating consulting a financial advisor, to see if I can trasfer it into some other funds somewheere. So I have the control of the pension!!! Does all this make sense. by the way I am 52 now. Any comments please0
-
What if due to some unforseen reason, (ie like these other poor souls have experienced) it suddenly goes bust or similar
This shouldn't be a problem now as the Govt has set up the Pension Protection Fund which will force all the companies to run their pensions properly.
THen again, this is what was supposed to happen after Maxwell, IIRC :rolleyes:Trying to keep it simple...
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.3K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards