Help, I need access to any percentage of my pension funds :-(

RichardW9

Hi, I am seeking some advice and perhaps you can help. I have been sacked from my job that paid contributions into a pension scheme for me with Friends Provident. I am struggling financially at the moment and since no more contributions are (or will be) made into the scheme I would like to withdraw as much as I can to help with my financial situation. I am 31 years old and the amount transferrable from the pension fund is £4700. As I understand it there are some Pension companies that allow release of up to 25% of the amount before the age of 55. As Friends Provident does not allow this I need to find a pension company that does so I can transfer the pension amount to them and then withdraw as much as possible. Any help with finding one of these companies would be greatly appreciated. Thanks for reading

Loughton_Monkey

It is not your money. It is under trust, and unavailable to you until you are 55.

If anyone tells you any different, then you are being scammed.

bendix

Not possible, unless you've been in the fund less than two years, and even then it's difficult and you would be allowed access minus the employer's contribution and tax relief, which means you would get next to nothing.

You need to understand a simple truth. YOU have no pension fund. It is not YOUR money per se. It is money held in trust in your name for you to use in certain limited ways when you are 55.

It is funds accumulated for your pension. It is not a savings account that you can withdraw from.

You might not like it now, but you will thank the rules for it in 24 years time.

(PS, you're lucky you got me on the day before I fly to Thailand for two weeks . . . )

dunstonh

As I understand it there are some Pension companies that allow release of up to 25% of the amount before the age of 55.

Can you name them as currently, pension rules do not allow it unless transitional relief was in place to give a protected retirement age (which is rare and only exists on occupational schemes).

So, if you are aware of such schemes then either they are breaking the rules or happen to be in schemes with transitional relief (which you cannot get any more)

Loughton_Monkey

bendix wrote: »

(PS, you're lucky you got me on the day before I fly to Thailand for two weeks . . . )

Phew!

That's such good luck. Almost like winning the lottery really.

purch

you're lucky you got me on the day before I fly to Thailand for two weeks

I will try to remember to "bump" any new threads asking if they can cash in their pension onto the front page for when you return :eek:

bendix

purch wrote: »

I will try to remember to "bump" any new threads asking if they can cash in their pension onto the front page for when you return :eek:

You're all heart.

Loughton_Monkey

bendix wrote: »

You're all heart.

Failing that, give one of us your sign-on details. I'm sure we can dream up almost as objectionable, rude, and insulting comments to naive OP's while you are away.

We don't want others thinking (in the absense of such comments) that poor old Bendix has gone a bit soft!

RichardW9

Okay thanbks for the repliies have fun in thailand!!