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Retirment Plan
djmac840
Posts: 9 Forumite
I wonder if somone can help me here....
The employer I worked for before being made redundant at the end of the year set up a 'retirment ''savings'' plan'. with Fidelity. The terms indicate that funds cannot be taken from this account untill I am 50 yrs old (couple of years to go) However due to being unemployed at the moment and now slowly moving into financial dire straits ie, mortgage, basic living etc,etc. I need this money but Fidelity say tough you cant get it untill you are 50.
By that time I will probably be in 'carboard city' albeit with a savings plan maturing just after I settle in.
Any pointers would be much appreciated.
The employer I worked for before being made redundant at the end of the year set up a 'retirment ''savings'' plan'. with Fidelity. The terms indicate that funds cannot be taken from this account untill I am 50 yrs old (couple of years to go) However due to being unemployed at the moment and now slowly moving into financial dire straits ie, mortgage, basic living etc,etc. I need this money but Fidelity say tough you cant get it untill you are 50.
By that time I will probably be in 'carboard city' albeit with a savings plan maturing just after I settle in.
Any pointers would be much appreciated.
0
Comments
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The Govt gives tax benefits to you and your employ to contribute into a pension as well as tax free growth on the pot. It does so to encourage you to save towards your retirement. In return you agree to tie the proceeds up until retirement (earliest age 55 from April 2010).
That is why it is a called a pension and not a savings account.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 is a 'Retirment Plan' NOT a pension I do not benifit from or get any tax breaks with this plan.....0
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The Govt gives tax benefits to you and your employ to contribute into a pension as well as tax free growth on the pot. It does so to encourage you to save towards your retirement. In return you agree to tie the proceeds up until retirement (earliest age 55 from April 2010).
That is why it is a called a pension and not a savings account.
'Retirment Plan' not Pension0 -
It is a 'Retirment Plan' NOT a pension I do not benifit from or get any tax breaks with this plan.....
In what way is the retirement plan not a pension? What legislation does it come under as the over 50 rule applies to pensions?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 -
'Retirment Plan' not Pension
It is a pension plan.
You simply don't understand what you signed up to. That it is called a retirement plan makes it no different to a pension plan.
You cannot access the money until you are 55, and even then you will not get full access to it.
Seriously, in this day and age, how do people get to middle age without knowing the basics about this kind of stuff? Do people simply not care about their futures?0
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