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Sell Pension
trevrobwhite
Posts: 13 Forumite
Hi everyone, I'm after a bit of advice.
I have a pension with my old company which cannot be transferred to my current job (which is a really good one), they say the value isn't high enough so would actually have an adverse affect on my current pension.
So I was looking at selling it or getting one of those pension loans to cover some of my current debts.
There are a lot of companies on the net that will give you an interest free loan (repayable when you retire) or will take the pension of your hands.
Is this a good or very bad idea?
I'm 31 so a while before cash in and the pension that is dormant I only paid into for 3 years.
Thanks in advance.
I have a pension with my old company which cannot be transferred to my current job (which is a really good one), they say the value isn't high enough so would actually have an adverse affect on my current pension.
So I was looking at selling it or getting one of those pension loans to cover some of my current debts.
There are a lot of companies on the net that will give you an interest free loan (repayable when you retire) or will take the pension of your hands.
Is this a good or very bad idea?
I'm 31 so a while before cash in and the pension that is dormant I only paid into for 3 years.
Thanks in advance.
0
Comments
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So I was looking at selling it or getting one of those pension loans to cover some of my current debts.
How can you sell something you dont own?Is this a good or very bad idea?
Its a very bad idea. Many of them are scams or act against HMRC rules and take most of your pot for themelves.I'm 31 so a while before cash in and the pension that is dormant I only paid into for 3 years.
Why do you think the pension is dormant?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.0 -
I'll buy it. How much is it worth, and how much would you like for it trevrobwhite?
I'm serious. I collect them.0 -
I'll buy it. How much is it worth, and how much would you like for it trevrobwhite?
I'm serious. I collect them.
Ah, if only assigning was possible, what a growth industry that could be.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" ?0
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