Navy Pension

Sherbet

My fiance was in the Royal Navy for 5 years and paid into a pension during this time. He is now wondering if he can cash it in. Is this possible and where would he start? Also will it be worth anything?
Thankyou

Starrystarrynight

I think your first port of call should be the Service Personnel & Veterans Agency, the SPVA. I don't think I can post links, but they should be easy to find on Google.

Andy_L

Sherbet wrote: »

My fiance was in the Royal Navy for 5 years and paid into a pension during this time. He is now wondering if he can cash it in.

No, unless he is over 55 and transfers it to a private pension, even then he can only get the lump sum and annual pension, he can't "cash it in". Alternatively if he's terminally ill it can be done

Sherbet

Thanks for your replies.

peterg1965

Sherbet wrote: »

My fiance was in the Royal Navy for 5 years and paid into a pension during this time. He is now wondering if he can cash it in. Is this possible and where would he start? Also will it be worth anything?
Thankyou

It's called a preserved pension, I am sure he/she cannot access it until 65.

jh2009

You cannot cash in a pension.

The only options are retirement (early from 55 (50 until 6 april 2010), normal retirement, or transferring to another provider (which will have the same 55 minimum retirement rule).