I've £2K in a work pension, won't be working full time again and I'd luv to cash it..

sunni

I've £2,000 in a Work Pension, won't be working full time again and I'd love to cash it in but I can't? I left the employer 7 years ago and since then have only been working part time with private employers and never paid into any other pensions or the one I have.

I contacted the pension company and they tell me I can't cash it in, they said I could transfer it to another pension but I still couldn't cash it if I done that.

Not sure what to do as I no I won't be working full time again and the £2,000 would be just great to have to pay my bills :mad:

EdInvestor

If it's the only pension you have (apart from the state pensions) you can cash it in under the "triviality" rules, but not until you're 60. If you are already 50 you could take 25% of it in tax free cash.

Otherwise there's nowt you can do.

sunni

EdInvestor wrote:

If it's the only pension you have (apart from the state pensions) you can cash it in under the "triviality" rules, but not until you're 60. If you are already 50 you could take 25% of it in tax free cash.

Otherwise there's nowt you can do.

Yeah this is the only pension I have. I'm in my mid 30's and was thinking if I could transfer it to something else, then maybe to cash it in at a later date, but don't think it'll be that easy!

LoLo

I think you can only cash it in if you have had it for under 2 years. This is what I was told when I cashed mine in.

Pal

The 2 year rule only applies if the scheme allows it. If it was possible, I suspect that the administrator would have told them so when they enquired.