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Can I cash in my pension?
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umbrella_man
Posts: 1 Newbie
I have a Group Personal Pension Plan from a previous employer that I have not paid into for 6 years. I would like to know if it is possible to cash-in this plan, it's only worth a few thousand.
Thanks
umbrella_man
Thanks
umbrella_man
0
Comments
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If your over 55 you have a few options, if your younger there is not alot you can do.0
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Like Velcro says, you cannot cash in a pension, if you are under 55, even then you can only take a lumps sum of 25%.
The rest has to be for an annuity, either then or left till a later date.
Its not a savings account otherwise everybody would be doing this as soon as they needed some cash and no one would have a pension for their old age.make the most of it, we are only here for the weekend.
and we will never, ever return.0 -
The clue is in the name "pension". It wouldn't be a pension if it was a savings account.
You can investigate transferring it to another pension though. Sometimes consolidation is the best option. Sometimes it isnt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
For God's Sake . . when is it going to stop?0
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Actually had some post in at work today using the exact same phrase. Is one of the red top papers running a [STRIKE]misinformation campaign[/STRIKE], sorry, series, on pensions ?It only takes one tree to make a thousand matches, it only takes one match to burn a thousand trees. As well, the cars are all passing me, bright lights are flashing me.
Johnny Was. Once.
Why did he think "systolic" ?0 -
I agree, the same question pops up a few times every week.
This question was posted by someone who is brand new to the forum, as you can see this was their first post. If you are unhappy with the issue being brought up on a regular basis - don't respond to it, easy as that. And leave other users to give a more constructive response to the questioner.0 -
miss_lisalou wrote: »This question was posted by someone who is brand new to the forum, as you can see this was their first post. If you are unhappy with the issue being brought up on a regular basis - don't respond to it, easy as that. And leave other users to give a more constructive response to the questioner.
There is a search facility though.....between this question and the insurance cancellation fees being asked half a dozen times a week....it does get annoying0
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