Pension selling

amonag68

Hello,

I hope someone can give me some good advice here.

I have 3 'paid up' pensions with Canada Life. They all accumulate together to about £21K in transfer funds.

Ok, I am 42 and in slight financial hardship. I came across a couple of websites, sellmyukpension, etc. they make out that they can arrange for you to sell your pension at any age to unlock funds. Are these legal and can it be done? If so how?

I look forward to your help and advice

Regards

Andy

Bigsmak

amonag68 wrote: »

Hello,

I hope someone can give me some good advice here.

I have 3 'paid up' pensions with Canada Life. They all accumulate together to about £21K in transfer funds.

Ok, I am 42 and in slight financial hardship. I came across a couple of websites, sellmyukpension, etc. they make out that they can arrange for you to sell your pension at any age to unlock funds. Are these legal and can it be done? If so how?

I look forward to your help and advice

Regards

Andy

Don't go near them. Very Bad News.

There are other forums on this board that will help with financial hardship problems. Give them a read and you might be surprised what you find.

Good luck

bendix

Yeah, sure you can sell your pensions. No problem at all.

Tell you what . . I'll do you a deal. I'll take them off your hands for £8,000.

smerch1468

bendix wrote: »

Yeah, sure you can sell your pensions. No problem at all.

Tell you what . . I'll do you a deal. I'll take them off your hands for £8,000.

You know on every forum there's one like you, a knowall that likes to take cheap shots at those who are less informed.

OP for your information, there was a consultation about early access to pensions(for example in the event of financial hardship)which was thrown out yesterday. The earliest age you can access your fund is 55.

dunstonh

You know on every forum there's one like you, a knowall that likes to take cheap shots at those who are less informed.

There are several threads running on this over the last two weeks and a similar question asked earlier today. The news yesterday confirmed you couldnt do it was well (after a Govt consultation). This subject is an FAQ in this section which is covered as often as 3-4 times a week.

I came across a couple of websites, sellmyukpension, etc. they make out that they can arrange for you to sell your pension at any age to unlock funds. Are these legal and can it be done? If so how?

They are unregulated and usually offshore scams that will see you end up with a fraction of your pension value and then about 2 or 3 years later you get a letter from HMRC asking you to pay 55% of your full pension value in a tax penalty for taking an unauthorised payment. So, in the end you are lucky if you see 25% of the pension.

The companies you see are scams.

bendix

smerch1468 wrote: »

You know on every forum there's one like you, a knowall that likes to take cheap shots at those who are less informed.

.

Oh pull your head in, you precious wee thing. This subject comes up every two days and even a cursory amount of research would have revealed the collective wisdom on this forum.

Frankly, we're tired of hearing about it.

If people can't get their heads around the simple fact that a pension is a pension - it's called taking responsibility for your financial future, by the way - and that it cant be cashed in, dipped into, sold or anything else, then shame on them.

smerch1468

bendix wrote: »

Oh pull your head in, you precious wee thing. This subject comes up every two days and even a cursory amount of research would have revealed the collective wisdom on this forum.

Frankly, we're tired of hearing about it.

If people can't get their heads around the simple fact that a pension is a pension - it's called taking responsibility for your financial future, by the way - and that it cant be cashed in, dipped into, sold or anything else, then shame on them.

When you say "Frankly, we're tired of hearing about it" you must be referring to your own small minded little world.

Having worked in the pensions industry for the last 20 years I have come across some very intelligent wealthy clients who are totally lost when it comes to explaining the various laws/regulations that surround our pensions system.

Yes people can do their own research and some people will understand what they can and can't do with their pensions, however, the vast majority won't and it doesnt harm if you know the answer to offer it in a non patronising way.

tartanterra

bendix wrote: »

Oh pull your head in, you precious wee thing. This subject comes up every two days and even a cursory amount of research would have revealed the collective wisdom on this forum.

Frankly, we're tired of hearing about it.

If people can't get their heads around the simple fact that a pension is a pension - it's called taking responsibility for your financial future, by the way - and that it cant be cashed in, dipped into, sold or anything else, then shame on them.

Are you now the moderator of this board?

Should we all PM our questions to you first to see if you find them acceptable?

Hope you're not getting dizzy up there on Righteous Mountain......;)

smerch1468

bendix wrote: »

Oh pull your head in, you precious wee thing. This subject comes up every two days and even a cursory amount of research would have revealed the collective wisdom on this forum.

Frankly, we're tired of hearing about it.

If people can't get their heads around the simple fact that a pension is a pension - it's called taking responsibility for your financial future, by the way - and that it cant be cashed in, dipped into, sold or anything else, then shame on them.

I would also refer you to the Martin Lewis' quote about forum etiquette, namely

"Pls be nice to all MoneySavers. There's no such thing as a stupid question, and even if you disagree courtesy helps".

The whole idea of this website is to educate and inform, even as a financial professional I have learned things from articles and forums that have influenced my own behaviour when it comes to every day finances.

bendix

So which part of my response was unfriendly and patronising?

He wants to sell his pension. I offered to buy it from him. Is your objection to the price I offered or to the fact i don't understand pensions can't be sold? I'm here to be educated, you see.

smerch1468

bendix wrote: »

So which part of my response was unfriendly and patronising?

He wants to sell his pension. I offered to buy it from him. Is your objection to the price I offered or to the fact i don't understand pensions can't be sold? I'm here to be educated, you see.

I would say offering to buy someone elses pension for £8,000 when you know full well it isnt possible, is extremely patronising.

Its not just this thread its your whole demeanour throughout this forum, when anyone dares to ask a "stupid question".

I really hope you aren't an IFA.