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Cashing in pension early

23flint
23flint Posts: 3 Newbie
in Pensions, annuities & retirement planning
I have a civil service pension from the 6 years I spent there. I am no longer with the service and have been told my pension has a transfer amount of £20k. I could do with that money now. Is there any way i can cash this pension in and access the money? Please help!!
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Comments

  • purch
    purch Posts: 9,865 Forumite
    I don't believe it :eek:
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • bilbo51
    bilbo51 Posts: 519 Forumite
    purch wrote: »
    I don't believe it :eek:
    Why not Victor?
  • dunstonh
    dunstonh Posts: 121,167 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    ROFL. Normally first time is funny but second time isnt but I think this time its funnier.
    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.
  • 23flint
    23flint Posts: 3 Newbie
    Is this the definition of giving advice. I'm glad I posted, I won't bother next time.
  • Mojisola
    Mojisola Posts: 35,574 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    23flint wrote: »
    I have a civil service pension from the 6 years I spent there. I am no longer with the service and have been told my pension has a transfer amount of £20k. I could do with that money now. Is there any way i can cash this pension in and access the money? Please help!!

    No, there is no way to cash in a pension.
  • McKneff
    McKneff Posts: 38,857 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Do these people not listen when a pension is being sold to them

    Do they not read the terms and conditions.

    A Pension is a pension, not a savings account.

    Once you pay money into a pension, it ceases to belong to you.
    Its in trust to provide you with a pension.

    Under present legislation you can access a 25% lump sum at 55 years of age and either an annuity then or leave it for an annuity later.
    make the most of it, we are only here for the weekend.
    and we will never, ever return.
  • bendix
    bendix Posts: 5,499 Forumite
    Sigh . . .

    I can't be bothered anymore. I really can't. I'm going to find a nice hot bath and take a sharp razor with me.

    I could be gone a while . . .
  • Loughton_Monkey
    Loughton_Monkey Posts: 8,913 Forumite
    Part of the Furniture Combo Breaker Hung up my suit!
    bendix wrote: »
    Sigh . . .

    I can't be bothered anymore. I really can't. I'm going to find a nice hot bath and take a sharp razor with me.

    I could be gone a while . . .

    If I were you, I would invest in a nice big Endowment Assurance policy. Might come in useful for your dependants.

    ... and you can cash them in after 2 years....
  • bendix
    bendix Posts: 5,499 Forumite
    Loughton_Monkey wrote: »
    If I were you, I would invest in a nice big Endowment Assurance policy. Might come in useful for your dependants.

    ... and you can cash them in after 2 years....

    same as my pension, right?
  • mjm3346
    mjm3346 Posts: 47,382 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    23flint wrote: »
    I have a civil service pension from the 6 years I spent there. I am no longer with the service and have been told my pension has a transfer amount of £20k. I could do with that money now. Is there any way i can cash this pension in and access the money? Please help!!

    Yes, depending on which scheme you were in you can access the pension now.
    If you have a medical condition which would have resulted in you being medically retired were you still in the civil service you can apply to draw the pension without any enhancement but also without any reduction for taking it early. If you are terminally ill you can opt to take the pension as a lump sum (equal to 5 years pension).

    Not understanding a pension does not count as an illness nor is it usually terminal.:)
This discussion has been closed.
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