Final Salary Pension help

johnray

hello all



i am currently on a final salary pension and there are strong rumors flying around work that the company is due to close some point in the near future i am wondering would it be to my benefit to cash my pension in now or wait,my concern is that i will lose all my investment.

my current status

im in my 50s

i currently pay aproximently £65.00 per month

and i started my pension back in the year 2000

seven-day-weekend

I didn't think you were allowed to cash in your pension if you'd been paying into it longer than two years.

Unless of course your company will let you take early retirement.

However, there are people around who know far more about this than me. I'm sure they'll be along shortly.

EdInvestor

You can'tcash it in but you should be covered by the Pensions Protection Fund.

http://www.thepensionsregulator.gov.uk

If you're really concerned stop paying into the pension and put the money into an investment ISA instead (if you're a basic rate taxpayer), also contracting back into S2P if your scheme is currently contracted out.

dunstonh

Also, just because the company closes, doenst mean the pension has any problems.

jonathon_hart

The company must produce an Actuarial valuation of the final salary pension and how well funded it is every 3 years. You are entitled to ask for a copy of the latest one.

Thanks

Jonathon