too late to cash in my pension

SSTEPHANIE

Hi, I have a personal pension I was going to cash in. It seems that April was the cut off date, but I could swear I was told I had the choice to do it right up to October. Does anyone else know what the dates are ? Thank you

McKneff

Not enought information in your post Im afraid.

The rules that were changed in April were that you could take your pension (not cash it in) at 50,
now you can take your pension at 55. (not cash it in)
If you take your pension at 55 the most actual cash you can get is 25% of your pot, the rest would be converted into a pension or left to be converted into a pension at a later time.




I

dunstonh

I have a personal pension I was going to cash in. It seems that April was the cut off date

You have never been able to cash a pension in. The only change in April was the minimum commencement age for benefits on a pension moving from 50 to 55.

For trivial pension pots where it is possible to get the lump sum back, you have to be age 60 (and under 1% of the lifetime allowance in total) to get access to all the capital (minus a tax charge).

SSTEPHANIE

yes sorry , I know, I didnt mean cash it in I meant take the cash lump sum and put the rest into another pension fund or take the pension . I know the rules were changing and that is where I got confused because last autumn I THOUGHT I had been told I could take it as long as it was before October 2010, but when phoning today I was told I should have done it before April. Anyone know anything about the dates ?

jem16

SSTEPHANIE wrote: »

Anyone know anything about the dates ?

The dates are correct - April 2010, not october 2010.

See post 2 in your thread back in October 09.

http://forums.moneysavingexpert.com/showthread.html?t=2000933

SSTEPHANIE

Thanks jem, it would have taken me a week to track back to my thread so thank you