cashing in pension. . or not

EdInvestor

This looks like a debt/balance transfer type issue to me.Taking the pension won't really make a big enough dent in it to justify the loss you are likely to incur from vesting it.

Just on the pension itself, who is the provider?What funds is the pension money invested in?What charges are you paying? It may be possible to get this pension to perform better so you can revisit the issue later when you are 55.At that point you will get a higher annuity or drawdown income as well.

jem16

jamesd wrote: »

I think that you should go to your local Halifax and sign up for three Reward accounts to get £15 a month from them.

Better hurry up if you are going to do this. I believe it's around the end of the month when you will only be able to have one Reward Account and not three.

SSTEPHANIE

jamesd wrote: »

I think that you should go to your local Halifax and sign up for three Reward accounts to get £15 a month from them. You can meet the £1,000 a month required deposit by using a standing order to pay money in from another account, then sending it back to the same account a day later. Repeat with say 100 ten times to hit the £1,000 a month required amount. 15 a month for use of £100 is a very good interest rate.

Will they let me sign up for THREE reward accounts ? Especially as while I am tidying up my finances i closed a Halifax current account about 3 weeks ago, I had a random £60just sat there for months, so took it out and paid off some credit card debt. :cool:

jem16

SSTEPHANIE wrote: »

Will they let me sign up for THREE reward accounts ?

Unless you have a credit problem then yes they should. You can only try.

SSTEPHANIE

EdInvestor wrote: »

Just on the pension itself, who is the provider?What funds is the pension money invested in?What charges are you paying? It may be possible to get this pension to perform better so you can revisit the issue later when you are 55.At that point you will get a higher annuity or drawdown income as well.

Barclays Life Assurance Protected rights fund No fees mentioned that I can see.

I can purchase an annuity with or without Tax free cash sum. ( I assume this means they will pay me an annual pension amount from now regardless of whether I take a lump sum or not, so that would up my present income slightly)

I can buy annuity from another provider. Tax free cash sum paid by Barclays and remainder of policy used to purchase an annuity with another provider (Again I assume this means they will pay me a lump sum and then I can put the dosh somewhere else for my annual pension ?)

I know I seem ignorant but my ME really turns my brain to fudge sometimes, you'd never think I used to manage a solicitors' office!

jamesd

SSTEPHANIE wrote: »

Will they let me sign up for THREE reward accounts ?

Free money. Worth trying. You want:

1. for normal current account use
2. for dedicated bill payment use
3. for something else, you think of something

You're right about the meanings of the annuity wording.

SSTEPHANIE

Monday I am off to the Halifax! thank you for that, every £ is helping at the moment. I never had a problem with them before just an account I hadn't used for ages so hopefully they will greet me with open arms.

Ive been moving my balances around, I now have a few cards with zero balance on them, slowly tidying up so I can be proactive in reducing what i owe elsewhere.

Have I undrestood that I could maybe get 7% interest from now on if I moved the whole sum ? (reading this at the end of a long day) I think its just brilliant that people like you guys take (in my case so much) time answering questions. again thankyou

jem16

SSTEPHANIE wrote: »

Monday I am off to the Halifax! thank you for that, every £ is helping at the moment. I never had a problem with them before just an account I hadn't used for ages so hopefully they will greet me with open arms.

Why not open them online?

Have I undrestood that I could maybe get 7% interest from now on if I moved the whole sum ? (reading this at the end of a long day)

Pension funds don't pay interest. Ed is suggesting that you might be able to get a return of 7%. That will depend on what funds are used and what your risk profile is.

SSTEPHANIE

jem16 wrote: »

Why not open them online?:A what a most excellent Idea Jem ! I will.:beer:



Pension funds don't pay interest. Ed is suggesting that you might be able to get a return of 7%. That will depend on what funds are used and what your risk profile is.

What does a return of 7% mean ? I thought that was interest onto the amount I have in the pension added on over the next 10 years ??:o

SSTEPHANIE

Also, I was refused for a Halifax credit card recently and if I get refused for applying for a current account, will that not reduce my credit rating?