Can I cash in my pension?

jamesd

Couple in 70s lose most of their pension after offshore tax defeat ... moved two pension pots, then worth a total of £231,000, to Guernsey as part of a pension unlocking plan ... But the taxman decided the transfers were botched because the couple had not moved to Guernsey as they needed to do to meet the transfer rules. They had only leased a property there for three months, believing this was sufficient. ... The Revenue won a court case in 2010 establishing that the Grettons had to pay £86,000 in tax as a result of the transfer. ... Now a tribunal has ruled that they will also have to pay interest on that sum going back to 1996, which, along with the tax charge, is likely to wipe out most of their pension savings ... The scheme had been devised by Malcolm Tune, a financial adviser who was convicted of fraud in 2005 over a tax scam and given three years in prison.

dunstonh

The scheme had been devised by Malcolm Tune, a financial adviser who was convicted of fraud in 2005 over a tax scam and given three years in prison.

Thanks for the posting James. However, in respect of the article, this Malcolm Tune is not a financial adviser. At least not in the UK. The problem is that these scammers present themselves as such but are not. Or they operate outside of the UK and therefore do not meed UK standards (which are amongst the highest in Europe - Some countries are dire. Spain has an awful reputation for example).

jamesd

If this story is to believed the financial advice he gave was as an accountant, not an IFA.

dunstonh

jamesd wrote: »

If this story is to believed the financial advice he gave was as an accountant, not an IFA.

Typical media.

paulyb2912

Hi...

Sorry to ask but need help asap.

I have a pension of 20+ years which is now deferred. Basically i am struggling to live and need the equity now and not when im 55 as im only 41..!!!

I am inheriting my families money eventually that will help and also will save privately when back in employment after uni.

Thanks Paul....

jem16

paulyb2912 wrote: »

I have a pension of 20+ years which is now deferred. Basically i am struggling to live and need the equity now and not when im 55 as im only 41..!!!

Earliest you can access it is age 55. As you mention deferred I'm assuming it's a final salary pension so it may be actuarially reduced if taken before normal retirement age.

atush

If you are struggling to live, then change the way you live. See the budget forums for tips on lowering costs, raising your income. See if you are in line for any help with housing etc. If youa re at uni, apply for a student loan.


You can't cash in your pension.

mrbilbs

Well after all the sound advice on hear Im giving that so called company a wide berth and letting the cash fester in the pot for another 16 years - blimey that doesnt sound long when I say it like that!!! 55 in 16 years...I need to lay down! :eek:

IckyBod

Im 40 and have not been able to put anything into it for the past 7 years. I know really I should just keep it but the money would help me out a lot at the moment. I only have £4000 in it but Im not sure if I can cash it in and also if I can how much would I get after taxes etc.

Any advice would be amazing.

jem16

IckyBod wrote: »

Im not sure if I can cash it in

if you have read the thread, you will know that you cannot cash it in.