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will anybody buy my pension

Busted
Busted Posts: 1 Newbie
in Pensions, annuities & retirement planning
Looking for some advice.I have a company pension and have been paying AVC's for a considerable time. I would like to know if there are any companies out there that would buy the avc as i need to get my hands on some cash. I am mid forties and do not wish to continue paying the AVC

Any advice welcome
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Comments

  • bendix
    bendix Posts: 5,499 Forumite
    Busted wrote: »
    Looking for some advice.I have a company pension and have been paying AVC's for a considerable time. I would like to know if there are any companies out there that would buy the avc as i need to get my hands on some cash. I am mid forties and do not wish to continue paying the AVC

    Any advice welcome



    You're taking the p**s, aren't you?
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    I am mid forties and do not wish to continue paying the AVC

    Then don't continue paying it but don't expect to get your hands on any cash - it's not going to happen.

    Do you have an alternative plan for funding your retirement?
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Its a pension, not a savings account.

    Once you pay it in, it ceases to belong to you.

    You cannot cash a pension in until, under current legislation, till you aare 55.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • bendix
    bendix Posts: 5,499 Forumite
    McKneff wrote: »
    Its a pension, not a savings account.

    Once you pay it in, it ceases to belong to you.

    You cannot cash a pension in until, under current legislation, till you aare 55.


    Even at 55 you can't 'cash it in' in the sense that most people use the phrase because as you say the money no longer belongs to you but, instead, is put to use in a variety of ways to benefit you.

    You do not OWN your pension fund. Therefore, you can't sell it.
  • dunstonh
    dunstonh Posts: 120,277 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Ok, which one the regulars has created a new login to post this joke?
    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.
  • RichandJ
    RichandJ Posts: 1,087 Forumite
    dunstonh wrote: »
    Ok, which one the regulars has created a new login to post this joke?

    That was my first thought given the ongoing "Cash in company pension" thread.
    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" ?
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    edited 23 November 2010 at 9:23PM
    dunstonh wrote: »
    Ok, which one the regulars has created a new login to post this joke?

    Certainly wasn't me.

    Mind you. I'm thinking of setting up a little enterprise to buy pensions.

    All I need is a little 'under the counter' scam whereby I would discuss the pension with the contributer. Get him to sign a few blind forms (including change of address) while I set up a new pension plan in his name, and a bank account to go with it. I reckon about 40% of value (less if I can get away with it) might be the going rate. Transfer it to all under my control, and then claim it when they are 55.

    So I'm looking for a 'tame' IFA (sniff... know what I mean?... sniff) to sign off the Final Salary ones, and also to negotiate a good cut price rate with L&G or whoever for this 'volume' transfer business.

    The only question is. Should I set them up as SIPPs? They're better aren't they?
  • lvader
    lvader Posts: 2,579 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    Not that I've looked into it but I'm sure I've seen ads about companies unlocking your pension early.
  • purch
    purch Posts: 9,865 Forumite
    Ok, which one the regulars has created a new login to post this joke?

    My best guess, is that it's bendix, as it gives him an ideal opportunity to do his "Victor Meldrew" impersonation over and over again :eek:

    ...either that, or it's his 'best mate' Sibley trying to give him a coronary.
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • bendix
    bendix Posts: 5,499 Forumite
    Your best guess would be wrong, I'm afraid.
This discussion has been closed.
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