pension release

shawie60

Hi guys, noticed a cpl of threads on here with similar problem but none fit my query. Basically Im 55 now, and would like to release my old work pension fund ( im not paying into it, it was locked when i left my old company - about £4500 ) and wondered if there was anyway I could do this, I understand I'm allowed about 25% of the fund because im 55 but no more, is there an alternative way to release this as a lump sum that I can check out ??
many thanks
glenn

dunstonh

is there an alternative way to release this as a lump sum that I can check out ??

If its the only pension you have then you can wait until you are 60 and exercise triviality. Otherwise no.

shawie60

dunstonh wrote: »

If its the only pension you have then you can wait until you are 60 and exercise triviality. Otherwise no.

it is I'm afraid, never bothered with them after so many people lost their cash years ago .. so many thanks for that, can I just ask, what exactly is triviality??

jem16

shawie60 wrote: »

it is I'm afraid, never bothered with them after so many people lost their cash years ago .. so many thanks for that, can I just ask, what exactly is triviality??

It's where you are able to cash in the whole pension with certain tax rules as opposed to taking just a 25% lump sum and the rest as a pension.

http://www.pensionsadvisoryservice.org.uk/workplace-pension-schemes/final-salary-schemes/cashing-in-pensions-(triviality)

dunstonh

never bothered with them after so many people lost their cash years ago

Only a very small number of people lost money years ago. It was less than 1% of the people that hold pensions. Of course since then, protections have been put in place.

I guess you got your opinion via the media. Your view isnt an uncommon one but it just shows how much damage the media can do when it comes to reporting stories the way they do.

bendix

It also shows the damage that can be done if people don't accept some personal responsibility for the most important financial project of their lives, don't show any curiousity and - frankly - are lazy enough to muddle through and hope it will all sort itself out in the end.

shawie60

with all due respects, although the media does tend to expand on some stories i did get some advice from a IFA who told me some of his costomers had lost out to .. through no fault of his own. I didnt ''muddle' through, I choose to make a decision to put my money in a place where I thought it would be safer, that comment smacks of the blinkered atttude the banks had and look what a wonderful job they did to help the economy .. the laughable part is they are the only ones actually making a profit now .. go figure

dunstonh

with all due respects, although the media does tend to expand on some stories i did get some advice from a IFA who told me some of his costomers had lost out to

Statistically it is likely that most advisers have a few clients that have lost their money. There are currently around 30,000 advisers and there have been around 250,000 people that lost their occupational pensions.

that comment smacks of the blinkered atttude the banks had and look what a wonderful job they did to help the economy

Actually, the banks did a wonderful job to help the economy for over a decade. Labour sat back and took the tax proceeds, spent them and borrowed against them even more. The banks then went on to make a mess of it but they were not alone. The Govt messed up, the banks messed up and consumers messed up as they continued to borrow as well. The banks have a lot to answer for but they are not the only ones. They are just the popular whipping boys.

the laughable part is they are the only ones actually making a profit now .. go figure

Profit reports are coming in across the board. Not just the banks. Its mainly the usual suspects suffering still (i.e the ones that always get hit during a recession).