Police Pension Release

gizmo1dogue

I am in the last 2 1/2 years of my police service which will take me to a full 30 year pension.
I am looking to borrow £5000 and wondered if i can borrow the money against my pension rather that a conventional loan. If so, how do i do it?

jonesMUFCforever

I don't think you can.
Is there any reason why you cannot get a loan the convential way?

iolanthe07

Why not just ask?

dunstonh

You dont own the pension so you normally cant borrow against it. A loan cannot be secured against it.

You obviously cannot take money out of the pension as the scheme rules wont allow it and you would risk an HMRC unauthorised charge if you did that (55%).

sharpy2010

iolanthe07 wrote: »

Why not just ask?

Ask who?...

iolanthe07

sharpy2010 wrote: »

Ask who?...

Whoever administers your pension fund.

samualjom

When you departure the UK you are no person qualified to sort grant contributions to your UK grant schemes. Your existing occupational or private grant funds get 'frostbitten' and usually raise at a slower rate than when they were activist.
If you do zilch, when you reaching withdrawal age (currently 50 but ascending to 55 on 6 April 2010) you can postulate a part sum of up to 25% of your money, currently tax unbound. You will possess terzetto options for the difference of your fund:
1. Defer your grant until a afterward date (max. 75 eld of age).
2. Begin withdraw downs (nonexempt).
3. Acquire an annuity which testament offer a grant for the part of your existence (dutiable). Unfortunately annuity rates have plummeted in past eld. When you die, your extant mate gift change either a reduced grant or zilch at all depending on the typewrite of annuity.
The choice is to transport your UK pension money to a QROPS (Limiting Recognised Foreign Grant Schemes

barbarawright

samualjom wrote: »

When you departure the UK you are no person qualified to sort grant contributions to your UK grant schemes. Your existing occupational or private grant funds get 'frostbitten' and usually raise at a slower rate than when they were activist.
If you do zilch, when you reaching withdrawal age (currently 50 but ascending to 55 on 6 April 2010) you can postulate a part sum of up to 25% of your money, currently tax unbound. You will possess terzetto options for the difference of your fund:
1. Defer your grant until a afterward date (max. 75 eld of age).
2. Begin withdraw downs (nonexempt).
3. Acquire an annuity which testament offer a grant for the part of your existence (dutiable). Unfortunately annuity rates have plummeted in past eld. When you die, your extant mate gift change either a reduced grant or zilch at all depending on the typewrite of annuity.
The choice is to transport your UK pension money to a QROPS (Limiting Recognised Foreign Grant Schemes

Perhaps you could translate this into English?

Clive_Woody

samualjom wrote: »

When you departure the UK you are no person qualified to sort grant contributions to your UK grant schemes. Your existing occupational or private grant funds get 'frostbitten' and usually raise at a slower rate than when they were activist.
If you do zilch, when you reaching withdrawal age (currently 50 but ascending to 55 on 6 April 2010) you can postulate a part sum of up to 25% of your money, currently tax unbound. You will possess terzetto options for the difference of your fund:
1. Defer your grant until a afterward date (max. 75 eld of age).
2. Begin withdraw downs (nonexempt).
3. Acquire an annuity which testament offer a grant for the part of your existence (dutiable). Unfortunately annuity rates have plummeted in past eld. When you die, your extant mate gift change either a reduced grant or zilch at all depending on the typewrite of annuity.
The choice is to transport your UK pension money to a QROPS (Limiting Recognised Foreign Grant Schemes

Can't be long now before you start with the :spam:

dunstonh

The choice is to transport your UK pension money to a QROPS (Limiting Recognised Foreign Grant Schemes

QROPS a pension pension scheme and you lose tens of thousands of pounds, maybe even in the hundreds of thousands range for long service and good benefits. Go to one of these many dodgy foreign companies to do it and they will take figures in often in the tens of thousands of pounds off your transfer value. If they then use an unauthorised scheme and the HMRC blacklist it then you have to pay a 55% charge. These dodgy QROPS companies also tend to fail to let people know what the tax rules are in the country in question. Another hit there as well.

Given the number of errors and incorrect information in the [probably spam] post, you have to assume that this guy represents one of those dodgy companies.

iolanthe07

samualjom wrote: »

When you departure the UK you are no person qualified to sort grant contributions to your UK grant schemes. Your existing occupational or private grant funds get 'frostbitten' and usually raise at a slower rate than when they were activist.
If you do zilch, when you reaching withdrawal age (currently 50 but ascending to 55 on 6 April 2010) you can postulate a part sum of up to 25% of your money, currently tax unbound. You will possess terzetto options for the difference of your fund:
1. Defer your grant until a afterward date (max. 75 eld of age).
2. Begin withdraw downs (nonexempt).
3. Acquire an annuity which testament offer a grant for the part of your existence (dutiable). Unfortunately annuity rates have plummeted in past eld. When you die, your extant mate gift change either a reduced grant or zilch at all depending on the typewrite of annuity.
The choice is to transport your UK pension money to a QROPS (Limiting Recognised Foreign Grant Schemes

This must have been done by an online translation engine - probably a very cheap one, as it doesn't make any sense at all.