Can I cash in my pension?

chewback

There speaks an IFA! Part of the industry invented to feed off of the pensions industry. Choose flexibility and self investment.

wilf55

my partner is 57 he has a small pension he has not worked since 2004 due to ill health and as had recently a prognosis of a long recovery

can he cash in his pension its only about 3500

thanks in advance

mania112

wilf55 wrote: »

my partner is 57 he has a small pension he has not worked since 2004 due to ill health and as had recently a prognosis of a long recovery

can he cash in his pension its only about 3500

thanks in advance

Yes, if that's his only pension he can 'cash it in' under triviality rules.

25% will be tax free and the remaining will be taxed at his normal rate.

EDIT: Sorry, just remembered - you need to be age 60 to exercise triviality. Will have to wait a couple of years i'm afraid.

Johnny_Tightlips

wilf55 wrote: »

my partner is 57 he has a small pension he has not worked since 2004 due to ill health and as had recently a prognosis of a long recovery

can he cash in his pension its only about 3500

thanks in advance

Assuming he has no other pensions, so that his total pension is around £3,500, he can take this as a trivial lump sum when he reaches age 60.

wilf55

he has no other pensions can he not cash it in on the grounds of ill health


thank you for some reason i thought he could

Johnny_Tightlips

wilf55 wrote: »

he has no other pensions can he not cash it in on the grounds of ill health


thank you for some reason i thought he could

It is possible, but you would have to speak to the scheme administrator to see whether the scheme allows it. I'm also not sure that it applies to trivial pensions, though I don't see why not.

dunstonh

chewback wrote: »

There speaks an IFA! Part of the industry invented to feed off of the pensions industry. Choose flexibility and self investment.

There speaks someone who doesnt know what they are talking about.

I asked you a simple question and you avoided the answer to give a rude response. You said put it in ISAs and property. I asked you if you would do that even if the pension is miles better?

Linton

yourfinancialneedsltd wrote: »

Cashing in your pension is illegal before your at the age of 65 however you can use your pension in many different ways

Please visit; your-financial-needs .co.uk (remove space between needs and .co

Marketing director
Thomas

A quick bit of research on the net...

The website was registered a couple of weeks ago. They are not regulated for providing advice, but just introduce their customers to what are in their opinion "good quality companies". On Google Earth their office address looks like a country cottage in a lovely area just outside Newbury - I'm jealous!

The contact number is a mobile phone, also used by Phoenix Financial of Devizes.

I wonder what "using your pension in many different ways" means. Perhaps tropical hardwoods, carbon credits, valuable Australian farmland etc etc.

I also wonder why one needs an introduction service. Surely if you dont know a good financial advisor or whatever do you contact someone you dont know and ask them for a recommendation?

Anyway its spam

RichandJ

Linton wrote: »

A quick bit of research on the net...

The website was registered a couple of weeks ago. They are not regulated for providing advice, but just introduce their customers to what are in their opinion "good quality companies". On Google Earth their office address looks like a country cottage in a lovely area just outside Newbury - I'm jealous!

The contact number is a mobile phone, also used by Phoenix Financial of Devizes.

I wonder what "using your pension in many different ways" means. Perhaps tropical hardwoods, carbon credits, valuable Australian farmland etc etc.

I also wonder why one needs an introduction service. Surely if you dont know a good financial advisor or whatever do you contact someone you dont know and ask them for a recommendation?

Anyway its spam

Already spammed/reported and removed Linton. But you were probably doing your research

atush

chewback wrote: »

There speaks an IFA! Part of the industry invented to feed off of the pensions industry. Choose flexibility and self investment.

That flexibility comes at a cost- and in the case of redundancy will keep you from getting means tested benefits. But the pension would remain untouched.