Cashing in Equitable Life With Profits Pension
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Richard253
Posts: 3 Newbie
Hi,
I have an Equitable Life With Profits Pension, it is an old company pension from a job I left in 1992, it is not worth much in the grand scheme of things but I wondered if it could be cashed in and the money used could be invested in my small business.
I have asked Equitable Life and they say no, government legislation does not allow pensions to be cashed in, it can be transferred to another pension but not cashed.
Is this true or is there a way around this that would allow the funds to be released?
Many thanks
I have an Equitable Life With Profits Pension, it is an old company pension from a job I left in 1992, it is not worth much in the grand scheme of things but I wondered if it could be cashed in and the money used could be invested in my small business.
I have asked Equitable Life and they say no, government legislation does not allow pensions to be cashed in, it can be transferred to another pension but not cashed.
Is this true or is there a way around this that would allow the funds to be released?
Many thanks
0
Comments
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No there is not. ELAS are correct.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 -
Is this true or is there a way around this that would allow the funds to be released?
....or as bendix would say, not they are telling lies and of course you can have it.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 -
Thanks for the replies, at least when I retire I will be able to afford a tin of beans each weeks.....if I am lucky!
All the best0 -
Richard253 wrote: »Thanks for the replies, at least when I retire I will be able to afford a tin of beans each weeks.....if I am lucky!
All the best
Why not do something about it then?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 -
Richard253 wrote: »Thanks for the replies, at least when I retire I will be able to afford a tin of beans each weeks.....if I am lucky!
All the best
It's worth 12.5% more from April 1st according to the EquitableThe only thing that is constant is change.0 -
Why on earth would you want to cash something in a minute before you get compensation?
OK. You bought a dog, through no fault of your own. Equitable Life was, in fact, one of the 'best' performing companies in their field - with one very major mistake they made by guaranteeing annuity rates.
But that's a different issue. Pensions cannot be 'cashed in'. They are.... er.... 'pensions' [look it up].0 -
zygurat789 wrote: »It's worth 12.5% more from April 1st according to the Equitable
But there has been no increase in transfer value for (at least) last 15 months so, those with 3.5% annual guarantees will only effectively be getting an extra 8%.
FWIW my (and I suppose many others) pension is still on a 20% MVA.0 -
Old_Slaphead wrote: »But there has been no increase in transfer value for (at least) last 15 months so, those with 3.5% annual guarantees will only effectively be getting an extra 8%.
FWIW my (and I suppose many others) pension is still on a 20% MVA.
The statement to 31 december 2010 said that after 1 April 12.5% would be added to the value of the pension. I've also been told I will not suffer an MVA even if I use the open market.The only thing that is constant is change.0 -
Loughton_Monkey wrote: »Why on earth would you want to cash something in a minute before you get compensation?
The guy at Equitable told me Everyone gets compensation if they're entitled wether they've left, taken a pension or still in.The only thing that is constant is change.0
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