Cashing in pension?

jem16

GlynD wrote: »

Find a good financial advisor and transfer your fund into a private pension

Probably not a good idea. It's a final salary pension which 9 times out of 10 is best left where it is.

GlynD

jem16 wrote: »

Probably not a good idea. It's a final salary pension which 9 times out of 10 is best left where it is.

Thank you. I wasn't aware of that. Can OP continue to pay into the fund?

jem16

GlynD wrote: »

Thank you. I wasn't aware of that. Can OP continue to pay into the fund?

No as he has left the NHS. He is now a deferred member and his pension will grow with inflation until retirement age.

Should he rejoin the NHS he can rejoin the scheme.

atush

financialstigma wrote: »

Lokolo, I am surprised by your short comment. Are you suggesting it is ok for an employer to take money from an employee without providing any terms for that payment?

Nothing was taken from you w/o terms. you will have acutually signed a piece of paper for this. It may have been lumped in with other things, but you will have signed for it. You would have to, as it is such a good deal.

Further comments once I read your further comments lol. I have a life so was elsewhere ;-) Pause.



OK, back now and no further comments frm you.

I want to say sorry I wish you could have your money, but I'm not. Mainly because it isn't in your best interest and I don't think you realise this. This will be possibly, the best pension you wil ever earn. so dont' think of it as 5K wasted when you could have spent it, think of it as a lifeline when you are older and have no assets or other things to keep the cold and the wolves from your door.

First of all, you need to contact your burser. If anyone was in need of financial assistance you are him as you are 'not allowed to work outside your PhD'. Not sure how strict this is, but if it is you might be in line for a bursary. If not, get a job, even part time. If ther is not, thre are 2 great things you can do. Gradualte accounts with free overdrafts or student loans. I know you don't like to have to pay this back, but if you want to stay in you may have to.


You have a family, (possibly incl parents). Might they be able to lend or contribute?


Next. Suppose you had this money but were given just after you had to drop out. So had this money and no job. So applied for benefits. But you wouldn't get them (or it you did they would be reduced. Why is this? Because you have 4-5K in the bank.

I think, given there are so many unknowns here, you shoud post an SOA (statement of affairs) with your income and outgoings. You will be surprised at how much can be saved with little effort.

Basically, we need more data.

hcb42

Clearly not a protester last week then - you don't know what you've got!

atush

HCB, I am not sure if i should be relieved for the country, or slap hom silly! A great PS FA pension. Paid in part by us. But instread he wants to cash it in. Even though his 5Kwoill probably worth 25K.

Imagine puttng that amt of money in a toilet or burning it. Beggars belief really.