Pension cash in

solaman

hi,
when i was 17 i started a private pension at a later date i was advised that my company pension was a much better option for me, so i suspended the private one and joined co pension, had a letter other day about private one giving figures of what fund is at and transfer value, wondered is there any way i can cash in the one which stands at just under 10,000 as i feel company pension will be sufficent, if not why not as it's my money i paid it into the fund?? could do with the money to do some work on the house rather than borrow it.

thanks

solaman.

deemy2004

Once its in it can't be touched until you retire, they are the rules !

Saying that you can selectively retire early (if your over 50 I think) on your private pension and draw 25% cash and 75% as an annuity, though the annuity rate you will get, will basically be rubbish.

Then later on retire properly with your company pension

dunstonh

solaman wrote:

hi,
when i was 17 i started a private pension at a later date i was advised that my company pension was a much better option for me, so i suspended the private one and joined co pension, had a letter other day about private one giving figures of what fund is at and transfer value, wondered is there any way i can cash in the one which stands at just under 10,000 as i feel company pension will be sufficent, if not why not as it's my money i paid it into the fund?? could do with the money to do some work on the house rather than borrow it.

If you were allowed access to the pension before retiring, it would defeat the purpose. In addition, the Govt give you tax relief on the contributions to encourage you to save towards your retirement. They don't want you to take this free money before you retire.

Most company schemes are not sufficient in themselves. Especially if you are a late joiner. So you may well find this extra amount quite useful. You could investigate transferring the fund into the occupational scheme.