Cash in company pension?

bendix

Loughton_Monkey wrote: »

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.

Personally, I'd love there to be a market in buying and selling pensions. I'd be all over it like a rash, capitalising on half-wits' desire to forfeit their future for a few pennies in the pound.

The purest, most free of free markets.

wotsthat

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.

Do people selling pensions (company or private) ever mention this to the punters?

dunstonh

wotsthat wrote: »

Do people selling pensions (company or private) ever mention this to the punters?

Yes. Its also plastered on the paperwork in multiple places and there is the general feeling that as its called a pension the person should have enough common sense to realise that its a pension.

Would you go to Tesco and saying that you thought the tin of Heinz beans you bought that says Heinz beans on it was actually a cadburys creme egg?

As for paperwork, here is a copy and past of what it says in the short key features document under risks (on first page and in clear text) for an FP pension....

A pensions is a long term investment. you cannot normally access your pension savings until you are age 55 (50 before 5 April 2010)

wotsthat

Yes. Its also plastered on the paperwork in multiple places and there is the general feeling that as its called a pension the person should have enough common sense to realise that its a pension.

As for paperwork, here is a copy and past of what it says in the short key features document under risks (on first page and in clear text) for an FP pension....

A pensions is a long term investment. you cannot normally access your pension savings until you are age 55 (50 before 5 April 2010)

I didn't doubt for a minute that the question would be covered within the documentation. So why is this the most common question on this board? Lack of common sense, lack of advisor explanation, too much small print or, more probably, a little of each.

Would you go to Tesco and saying that you thought the tin of Heinz beans you bought that says Heinz beans on it was actually a cadburys creme egg?

Only if it spoilt Easter.

dunstonh

So why is this the most common question on this board?

Because people forget around 70% of what is told to them within a very short period. If its not a subject that interests you then you are not going to absorb the information told as much as someone that does take an interest.

The other reasons may be harsh. Lower IQ so dont understand that pension means pension. Or just plain desperation (i.e. if in debt) and seeing if there is a way.

Loughton_Monkey

dunstonh wrote: »

Because people forget around 70% of what is told to them within a very short period. If its not a subject that interests you then you are not going to absorb the information told as much as someone that does take an interest.

And people very rarely read documentation. Look at the obesity debate, and 'five a day' nonsense our previous Nanny State Government kept on about. The plethora of nutritional information on foodstuff still has the 'consumer-nazi' fraternity screaming for more, more, more. No point because nobody reads it anyway. If we want that Cadbury's Cream Egg. We buy it.

dunstonh wrote: »

The other reasons may be harsh. Lower IQ so dont understand that pension means pension. Or just plain desperation (i.e. if in debt) and seeing if there is a way.

Probably there still remain a lot of older people who themselves (or friends/family) joined a company and worked only for a few months, and most of these had 6 months/2 years minimum period before you became a 'full member'. In these cases, a lot of people simply had their contributions back.

But low education/intelligence is an obvious major cause.

The Japanese, by contrast, seem well aware of their value. Recent revelations show quite a large number of cases where the claimant has died, and yet the family go to great lengths to hide this from the pension provider, who keeps on paying! In this country, I was staggered to have to produce evidence that I was still alive only two years (age 58) into receiving a small pension. I wrote back saying that I am not dead, but am reluctant to call it 'living' on such a small amount!

cyclonebri1

And while for once I agree with bendix view, remember that you/we are dealing with different people everytime the question is posed, often the 1st and last time they post. Are they suposed to know it's the mug question even if it is????

Maybe a bit of slack needs cutting ;)

RichandJ

cyclonebri1 wrote: »

And while for once I agree with bendix view, remember that you/we are dealing with different people everytime the question is posed, often the 1st and last time they post. Are they suposed to know it's the mug question even if it is????

Maybe a bit of slack needs cutting ;)

It probably should be a sticky. In a massive font. With flashing lights and arrows pointing to it.

bendix

RichandJ wrote: »

It probably should be a sticky. In a massive font. With flashing lights and arrows pointing to it.

We'd still get the same damn questions, irrespective of whether it was a sticky or not.

And why? Because, as dunstonh intimates - but I will express out loud - people are lazy, self-centred, more interested in x-factor than their pensions and, ultimately, lack the faintest degree of intellectual curiousity.

dzug1

bendix wrote: »

We'd still get the same damn questions, irrespective of whether it was a sticky or not.

And why? Because, as dunstonh intimates - but I will express out loud - people are lazy, self-centred, more interested in x-factor than their pensions and, ultimately, lack the faintest degree of intellectual curiousity.

Added to which (and I'm not saying that of OP BTW - just generalising) plain thick