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!
claming money back from pension
Deanomfc
Posts: 23 Forumite
hey there,
My father is 56 and wants to claim some money back from his pension. However, the pension company (assoiated with NHS) has said he has to wait until he is 60 before he can touch any of the money. Does this sound right? And isnt he allowed to move to another pension?
My father is 56 and wants to claim some money back from his pension. However, the pension company (assoiated with NHS) has said he has to wait until he is 60 before he can touch any of the money. Does this sound right? And isnt he allowed to move to another pension?
0
Comments
-
Does this sound right?
Yes this is correct. Normal retirement Date (NRA) is 60 except in some special cases such as nurses.
He may be able to take it earlier but would have an actuarial reduction of around 5%pa.And isnt he allowed to move to another pension?
He could but would be probably be ill-advised. However it does depend on circumstances - an IFA would be best to advise and would be needed to sign off any final salary transfer.0 -
Yep agreed can't touch it, it's not a savings pot to take back out again until retirement.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.1K Banking & Borrowing
- 253.5K Reduce Debt & Boost Income
- 454.2K Spending & Discounts
- 245.1K Work, Benefits & Business
- 600.7K Mortgages, Homes & Bills
- 177.5K Life & Family
- 258.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards