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Cash in company pension?
ChefBungle
Posts: 205 Forumite
Hi Everyone,
I've just left my previous employer to take up a new position with a different company. I had a company pension with them. Last week I got my annual pension statement through which said the total value of my fund was currently around £10k (£2.5k contributions per year for 4 years).
My question is basically can I surrender this policy and get access to the cash? The reason being is I have a credit card debt of 11k which would be virtually wiped out if I could do this. This would then enable me to get my finances back on an even keel and start saving for my retirement - the interest payments to the credit card would be much better going towards a pension I think!
Or are my only options to either leave it to gain interest where it is or switch it to a different pension scheme?
The pension is with Aegon if that makes any difference?
Thanks,
Chef
I've just left my previous employer to take up a new position with a different company. I had a company pension with them. Last week I got my annual pension statement through which said the total value of my fund was currently around £10k (£2.5k contributions per year for 4 years).
My question is basically can I surrender this policy and get access to the cash? The reason being is I have a credit card debt of 11k which would be virtually wiped out if I could do this. This would then enable me to get my finances back on an even keel and start saving for my retirement - the interest payments to the credit card would be much better going towards a pension I think!
Or are my only options to either leave it to gain interest where it is or switch it to a different pension scheme?
The pension is with Aegon if that makes any difference?
Thanks,
Chef
0
Comments
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A simple answer to the first question ...... NO. Your options are to leave it where it is, transfer to another scheme or crystalise it if you are 55 or older.0
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A simple answer to the first question ...... NO. Your options are to leave it where it is, transfer to another scheme or crystalise it if you are 55 or older.
I was wondering if anyone could be bothered...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'm glad I didnt get the chance to answer first.0
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And what perchance would your reply have been :eek:
Go on bendix, you know you want to.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 -
Am I sensing the start of an onslaught of sarcasm? That wouldn't be like an MSE forum at all.....
Sorry if the question was maybe naive and/or stupid in your opinion, but thank you for your answers.0 -
It's not a question of being sarcastic. It's a matter of being frustrated that this is the most common question on the forum and even a cursory amount of effort on your part would have found the answer.
The simple fact of the matter should be apparent from the fact it's called a pension. A pension is a pension. It is not a policy (to be surrendered), nor is it a savings account which you can dip into. It is not even - surprise surprise - YOUR money as such. It is money which is being managed and held on account for your future.
A pension is designed -and there's a clue in the name - to pay for your . . ummmm . .pension. It is NOT nor should it ever be a pool of cash you dip into to pay off short-term debt.
God help us.0 -
A pension is designed -and there's a clue in the name - to pay for your . . ummmm . .pension. It is NOT nor should it ever be a pool of cash you dip into to pay off short-term debt.
God help us.
Agree the sentiments, but look cheerful, Bendix. Occasionally we get a more 'interesting' one, like the one the other day asking about selling it! Presumably others will ask about borrowing on it, or pawning it, and we often get asked about transferring it to daughters or whatever.0 -
It's not a question of being sarcastic. It's a matter of being frustrated that this is the most common question on the forum and even a cursory amount of effort on your part would have found the answer.
And there was me thinking the most common question was -
"i got this payday loan wot i cant pay back can i sue for mis sellin lol?"
Or should I just go back to the loans board ?
Space available for rent0 -
Peelerfart wrote: »And there was me thinking the most common question was -
"i got this payday loan wot i cant pay back can i sue for mis sellin lol?"
Or should I just go back to the loans board ?
Nah. wot us do is go to another loan co to borrow more. pay back the other one an a bit extra fer a good night out. rofl:):T:rotfl::j:beer::money::A
who debts wins!0
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