Pension selling

bendix

But I protest. Most vehemently.

There are websites dedicated to telling me I CAN in fact sell my pension. I'm just trying to cut out the middleman. Are you now suggesting they're wrong?

dunstonh, can you clear this up please. You're an IFA.

Interested_Taxpayer

bendix wrote: »

But I protest. Most vehemently.

There are websites dedicated to telling me I CAN in fact sell my pension. I'm just trying to cut out the middleman. Are you now suggesting they're wrong?

dunstonh, can you clear this up please. You're an IFA.

Ah Bendy! I see you are causing trouble on this thread as well with your most unfortunate manner.
You have been found out again so take the earlier advice that was given to you. Do the right thing and move to your little house in Thailand for good at an early date before they come to take you away.
There's a good Bendy :cool:

hugheskevi

There's no such thing as a stupid question

I've never believed this. Anyone who does really isn't imaginative enough

I'm just trying to cut out the middleman. Are you now suggesting they're wrong?

I don't think you will find this profitable - most people have found out how to cut out the middleman already - by not bothering with a pension in the first place.

For me, Bendix's replies to 'how can I cash in my pension' threads are one of my favourite things about this board. Especially if the thread also happens to involve turtles.

amonag68

Hi all,

Looks like I have caused a riot on this thread. I only asked the so called 'stupid' question for help and advice on the websites out there promoting such things as selling your pensions under 55. I am educated enough not to jump in feet first which is why I called on this forum to ask a friendly question. Personally I think the question wasnt stupid as over £20K in paid up pensions is not going to give much to look forward to if I reach pensionable age. What I have is a 'trivial' pension so thought of now rather then than 20 years down the line.

Thanks anyway

Andy

bendix

amonag68 wrote: »

Hi all,

Looks like I have caused a riot on this thread. I only asked the so called 'stupid' question for help and advice on the websites out there promoting such things as selling your pensions under 55. I am educated enough not to jump in feet first which is why I called on this forum to ask a friendly question. Personally I think the question wasnt stupid as over £20K in paid up pensions is not going to give much to look forward to if I reach pensionable age. What I have is a 'trivial' pension so thought of now rather then than 20 years down the line.

Thanks anyway

Andy

Firstly, over £20k is not trivial. In fact, I'd hazard a guess and say that you're ahead of the what most people might have in their pension pots at a similar age (as depressing as that might sound)

Secondly, you have over two decades to grow that pension pot, and while you may have financial problems now, that could change and you will be happy you aren't able to sell it or cash it in now.

The rules are there to protect you from precisely these periods of temporary illiquidity.

Harsh, I know, but you'll be happier in the long run.

Loughton_Monkey

amonag68 wrote: »

Hi all,

Looks like I have caused a riot on this thread. I only asked the so called 'stupid' question for help and advice on the websites out there promoting such things as selling your pensions under 55. I am educated enough not to jump in feet first which is why I called on this forum to ask a friendly question. Personally I think the question wasnt stupid as over £20K in paid up pensions is not going to give much to look forward to if I reach pensionable age. What I have is a 'trivial' pension so thought of now rather then than 20 years down the line.

Thanks anyway

Andy

No more of a 'riot' than the other 40,000 who ask the same thing! [Maybe I exaggerate slightly].

Sadly, MSE seems not to want a 'sticky' on the subject. This could be written with a 'polite bedside manner' but sadly it doesn't exist. Nor does the habit of searching the forum first in case the question has been asked before - which it has.

When you commit to a pension, you are doing just that. Buying a 'pension' and not opening a savings account. In return for generous tax relief, you have to accept various 'rules' on how you can take the money.

There are (in theory) ways to redeem your pension before age 55. I know of no-one who has achieved this easily and legitimately. The world is full of unregulated 'con men' who offer you such ways, but their interest is only to lay their own grubby hands on as much of the money as possible, leaving you (at best) with a fraction of your pension pot, and (at worst) that plus prohibitive tax on what is left.

I wish you luck in getting out of your difficulties. When you have achieved it, you will be glad of the £20K and hopefully add substantially to it. Short of inheritance or lottery wins, etc. there is simply no 'easy' way to retire in comfort. In fact there is only one way, and that is "Spend less than you earn".