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Can we sell this pension?
missymugwump
Posts: 1,171 Forumite
Hello
My husband has a stakeholder pension with a fund value of £6470.97.
Which for very complicated reasons we wish to cash in is this even possible?
Who should we talk to the company that hold it said no when we asked, is there a company that does this?
Thanks in advance
My husband has a stakeholder pension with a fund value of £6470.97.
Which for very complicated reasons we wish to cash in is this even possible?
Who should we talk to the company that hold it said no when we asked, is there a company that does this?
Thanks in advance
"Very funny, Scotty. Now beam down my clothes." :cool:
All truth goes through three stages. First, it is ridiculed. Then, it is violently opposed. Finally, it is accepted as self-evident.
All truth goes through three stages. First, it is ridiculed. Then, it is violently opposed. Finally, it is accepted as self-evident.
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Comments
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You can't cash it in and you can't sell it.That's the problem with pensions, you lose control of your capital forever
When your husband is 50 ( 55 after 2010) he can take out 25% in cash, the rest must go to pay him an income for life.Trying to keep it simple...
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Thanks for that would like to take it out and put it in an ISA but I guess it sounds like hes stuffed.
Thanks again"Very funny, Scotty. Now beam down my clothes." :cool:
All truth goes through three stages. First, it is ridiculed. Then, it is violently opposed. Finally, it is accepted as self-evident.0 -
missymugwump wrote:Thanks for that would like to take it out and put it in an ISA but I guess it sounds like hes stuffed.
Thanks again
ISAs and pensions have exactly the same investment funds. Indeed, the funds can often be cheaper on the pension than on the ISA. Both funds benefit from exactly the same tax position.
So, in respect of growth potential, there is no difference.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 -
It can be frustrating having pension funds.My wife and I have paid in to private pensions for most of our working lives.The statements roll up showing 10`s of thousands of pounds sitting there and then we check the annuity rates and despair.I would rather have the money now and do something else with it.0
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Pobby wrote:It can be frustrating having pension funds.My wife and I have paid in to private pensions for most of our working lives.The statements roll up showing 10`s of thousands of pounds sitting there and then we check the annuity rates and despair.I would rather have the money now and do something else with it.
Invest it properly and then do income drawdown in retirement.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 -
Unfortunately income drawdown is still based on annuity rates, although the income you can take out is a bit higher.
You can never access the capital though.:(Trying to keep it simple...0
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