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can i cash a pension
Comments
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Considering 'Pensions' are just another way to make insurance companies rich and you poor, I think the OP could do worse than withdraw it now and pay off his mortgage, but my only advice would be to keep on working and find another savings vehicle for pension money.
Such as?
"I can hear you whisperin', children, so I know you're down there. I can feel myself gettin' awful mad. I'm out of patience, children. I'm coming to find you now." - Harry Powell, Night of the Hunter, 1955.0 -
my only advice would be to keep on working and find another savings vehicle for pension money.
Name your wrapper and why you think its better?especially as many retiring now had not banked on losing most of their money
Who has lost most of their money?thanks to annuities, being lumped with a ridiculously low income that bears no relation to the amount of money invested.
Annuities pay a percentage guaranteed for life. So, there is a relation to the amount you have built up. £x pension fund multiplied by annuity rate. A single person annuity rate of 6.7% is still higher than savings accounts. Can you find better than that guaranteed for life?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 -
Considering 'Pensions' are just another way to make insurance companies rich and you poor, I think the OP could do worse than withdraw it now and pay off his mortgage, but my only advice would be to keep on working and find another savings vehicle for pension money.
Annuities are a scandal, especially as many retiring now had not banked on losing most of their money and, thanks to annuities, being lumped with a ridiculously low income that bears no relation to the amount of money invested.
Bendix, he was only asking, and it's a valid question to which a less emotive reply may have been appropriate. Nonetheless, I agree with you in principle about those wanting to blow it int heir 30's on anholiday. This is not, under any circumstances, a good way to use your pension
Where to begin with pointing out the cliched factual errors and flaws of logic in this post?
The OP has another 30 years before he retires. He may have lost a bit of value on any stockmarket related pension investments he has in the last couple of years, but there is plenty of time for that to recover. Plus, it would have increased substantially in the last six month.
Also, noone is under no obligation to put their pension into shares - there are plenty of cash based funds that pensions can be tied up in, if the person is that idiotic.
There is also no need to buy an annuity, if you don't want to. Ever.0
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