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
Deferred Pension - Getting the money?
booplyboo
Posts: 35 Forumite
Hello
I think I probably know that you can't do this, but just wanted to see.
I have a deferred pension worth around £3000 (not a lot i know) and so I wondered if there was any chance of getting my hands on that money before I'm 55? I know I can transfer it to another pension fund but I'm just asking if it's possible to have the cash now?
Does anyone know about this?
Thanks
I think I probably know that you can't do this, but just wanted to see.
I have a deferred pension worth around £3000 (not a lot i know) and so I wondered if there was any chance of getting my hands on that money before I'm 55? I know I can transfer it to another pension fund but I'm just asking if it's possible to have the cash now?
Does anyone know about this?
Thanks
0
Comments
-
How old are you now? And when you say a pension worth £3000, do you mean a transfer value of £3000, or a pension of £3000 pa?If I had a pound for every time I didn't play the lottery...0
-
Hello - the transfer value is just under £3000 and the pension (when I am 55) will be approx £850 p.a. I am 32.
Thanks for your help.0 -
You have to wait until age 60 at the earliest and then you are allowed to take as a lump sum if the amount of all of your pensions are less than 1% of the lifetime allowance (currently at 1.5 million making £15000 allowable)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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.2K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.2K Work, Benefits & Business
- 603.8K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards