Is there any way I can get my pension funds NOW?

staffie1

Carmen_Queasy wrote: »

I was added to the pension scheme automatically after working there for almost a year- I could choose to opt out but it seemed like a good idea at the time.

Well it was a good idea! You'll end up with sod all by the time you retire if you don't make your own arrangements.

Carmen_Queasy

Aegis wrote: »

OP: have you called your bank to advise them of the situation? Banks at the moment are under enormous pressure to work with people in bad financial situations to ensure that they don't repossess unless they have to. They might be able to switch you to interest-only for a while. .

Yes, they've let me take a couple payment holidays for now because I haven't missed a payment- once they're up I'll ask about interest only. OH has been to citizens advice but there's not much else we can do. Thanks for your advice!

whitfreak

staffie1 wrote: »

What does that bit mean? I know its typed incorrectly, but its the key bit of the message for DB members!

Well it all depends on the rules of the scheme. Newer DB schemes like nuvos (for example) do not have an automatic tax free lump-sum although you can reduce your income to get one, whereas older schemes have an income and lump sum.

Cook_County

There are only 2 legal methods for accessing the money before age 55.

Assuming that death is eliminated as too drastic, this leaves only 1 possible method; which is transfer to a QROPS and take a loan from the QROPS.

staffie1

What is QROPS? Never heard of that one.
But Carmen would be well advised to leave the pension alone and just go back to paying into it when things pick up for them. My advice is to exhaust every other avenue first - and I haven't seen evidence yet that this has been done.

Carmen_Queasy

staffie1 wrote: »

What is QROPS? Never heard of that one.
But Carmen would be well advised to leave the pension alone and just go back to paying into it when things pick up for them. My advice is to exhaust every other avenue first - and I haven't seen evidence yet that this has been done.

QROPS = Qualifying Recognised Overseas Pension Schemes (I had to google that, lol) Thanks, I'm reading into this as I've never heard of it before and trying to decide whether it'd be worth a try.
Staffie1, what other avenues would you suggest, if you don't mind me asking? I do have 2 months to go before my mortgage holidays run out and I'm trying to educate myself as much as possible as to how I can help myself.

staffie1

Carmen_Queasy wrote: »

Staffie1, what other avenues would you suggest, if you don't mind me asking? I do have 2 months to go before my mortgage holidays run out and I'm trying to educate myself as much as possible as to how I can help myself.

Well what I was referring to was have you gone through the usual procedure of setting out all your income and outgoings to see where reductions can be made to free up some money to help deal with the debt repayments? Or have you considered any other ways of raising extra money? I just feel that surrendering your valuable pension (even if you can find a way of doing it legally) is a drastic measure, when usually I find that people are surprised at what they can free up when they put their minds to it. The risk is of course that you will lose your pension then not bother to set up another one in the future.

Carmen_Queasy

Thanks, i've done that already. The only debt I have is my almost-paid-off credit card and mortgage, and there's no other things I pay that aren't essential. I'm just hoping my fiance finds a job soon before I have to take such drastic measures.I'm intending to set up either another pension or perhaps an ISA as soon as my credit card is cleared, hopefully in just over a year.

farquarpigmix

CLAPTON wrote: »

not unless you are 50 years old

I have just phoned the people my pension is with ( all 3.5 yrs off it. ) I stopped paying into it. I have phoned them today too see when I could get it. There reply was 55. I am a young 47.5 :rotfl:

So in 2.5 yrs can I go back and say please pay me or is it 55?

Regards
Farquar

jh2009

So in 2.5 yrs can I go back and say please pay me or is it 55?

---

No.

The earliest age you may take early retirement is:

1. until 5 April 2010 - 50

2. 6 April 2010 + - 55

So you would get told to wait another 5 years if you ring up on your 50th birthday.

The only exception to this rule is if you were to take medical retirement, and this is likely to require medicals, etc.