Can I cash in my pension?

atush

While it may (or may not) be possible in your case, I suggest you don't even entertain the idea.

NOTHING you can do with any proceeds would match the benefits of a Final Salary pension.

what do you need the money for? You may have other options.

spudilydoodah

My final salary was in 1991......and my pension reflects the 2years 360days I was with Shropshire C C so its never going to add up to much......cashing it in seems like a good option and I do have a plan to invest in the Irish property market which is at rock bottom.

Thanks

dunstonh

spudilydoodah wrote: »

My final salary was in 1991......and my pension reflects the 2years 360days I was with Shropshire C C so its never going to add up to much......cashing it in seems like a good option and I do have a plan to invest in the Irish property market which is at rock bottom.

Thanks

You cant cash it in. So, end of story.

spudilydoodah

I have lived in Ireland for 21 years and have a small Shropshire County Council pension - about £600 a year and and £1800 lump sum. I am now 47 and would like to cash it in. I have read if you have lived outside the country for 5 years this is possible.
Could someone give me a few more details?

Thanks

I read on this thread if you have been living outside the UK as I have for more than 5 years there were possibilities....

spudilydoodah

Realistically the only way to extract money from a pension ahead of retirement involves leaving the UK for 5 complete tax years and utilising two types of offshore pensions together with a lot of charges for the privilege. Not something within the realm of possibility for most people, and certainly not cost effective in the majority of cases either

Just searched and found the bit I was reading last night and this is where I would like the clarification of my original question.....it was from Aegis

dunstonh

spudilydoodah wrote: »

Just searched and found the bit I was reading last night and this is where I would like the clarification of my original question.....it was from Aegis

And the small value involved will be wiped out by charges

Aegis

spudilydoodah wrote: »

Just searched and found the bit I was reading last night and this is where I would like the clarification of my original question.....it was from Aegis

It's also out of date now - the 2012 Budget severely limited the ability to transfer to less restrictive offshore pensions.

spudilydoodah

Thanks to you both thats the clarification I needed........only 13 years to wait now.

atush

But you wouldn't have a pension under UK law- you'd more likely have a 401 or retirement plan.

Try a US retirement calculator, Bank of American and other have them on their websites. Us tax rules will be different to UK ones.

A lot will depend on your age at starting the pension (you can start with much lower amounts if you start a pension in your 20's rather than 40s as it has decades more to grow).

POPPY123

I was paying into a company pension, but left the company. The pension company said that unless i transferred the pension into another within three months of leaving i would loose it all. I could not as i did not get another job in time. Is this correct?