Can I cash in my pension?

dunstonh

POPPY123 wrote: »

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?

If that is the terms of the ex employers pension then it is fair enough. It sounds like a non-contributory occupational pension.

However, you dont need to be working to transfer pensions or to be able to pay into pensions. So, you were wrong on that point I'm afraid. You could have transferred it.

atush

You could have opened a personal pension and transferred the old pension into it.

waterfieldplace

I have a question. Can I draw on my final salary company pension after my 55th birthday i have been defered since i was 41 and am now 50, paid in from age 18 and fully paid up on 9 years avcs as well. Hope someone can shed some light, Thanks

mania112

waterfieldplace wrote: »

I have a question. Can I draw on my final salary company pension after my 55th birthday i have been defered since i was 41 and am now 50, paid in from age 18 and fully paid up on 9 years avcs as well. Hope someone can shed some light, Thanks

That is a question for your pension administrators. Some Final Salary's allow early retirement, some do not.

Unless you desperately need the money, it's recommended to wait until you finish work before drawing the pension (or cash), because you'll be getting a lower annual pension if you take it sooner.

[Deleted User]

Hi peeps,

My apologies in advance if this has already been covered.

Background;

I was sold a pension with Newton Finance around 10 years ago, when I was 25 shortly after I was paid money in damages for a car accident where I received brain damage (I have since recovered, but was ill with it for 3 years) it was not much money around £7,500. At this point in time I had recovered, and was compus mentus but was still quite shaky and very naive about life in general (side effect of the brain damage) and certainly about money.

To some extent I think that given my circumstances, I was missold the pension plan, especially given that I had no earning power at the time as an Art student nor, have I ever entered a pension scheme since. Only now being in position where this is a real option for me.

My question is can I cash in my pension scheme and use this money for a part deposit on a house (if no, is there any way these funds could be transferred into a deposit) and if I approached the ombudsman might I have grounds for making a complaint stating that I was missold a pension, given my situation at the time?

I suspect I know the answer, but as you can imagine, I am keen to make doubly sure that I am not passing up on an opportunity to take ownership of my money!!

Any answers, greatly received.

Thanks.

Lokolo

gnu43 wrote: »

Hi peeps,

My apologies in advance if this has already been covered.

Background;

I was sold a pension with Newton Finance around 10 years ago, when I was 25 shortly after I was paid money in damages for a car accident where I received brain damage (I have since recovered, but was ill with it for 3 years) it was not much money around £7,500. At this point in time I had recovered, and was compus mentus but was still quite shaky and very naive about life in general (side effect of the brain damage) and certainly about money.

To some extent I think that given my circumstances, I was missold the pension plan, especially given that I had no earning power at the time as an Art student nor, have I ever entered a pension scheme since. Only now being in position where this is a real option for me.

My question is can I cash in my pension scheme and use this money for a part deposit on a house (if no, is there any way these funds could be transferred into a deposit) and if I approached the ombudsman might I have grounds for making a complaint stating that I was missold a pension, given my situation at the time?

I suspect I know the answer, but as you can imagine, I am keen to make doubly sure that I am not passing up on an opportunity to take ownership of my money!!

Any answers, greatly received.

Thanks.

So you're mid 30s, with £7500 in a pension scheme, no house deposit and you want to use the pension for a house deposit?

What do you plan to live off when you retire?

mjdh1957

The IRA don't run pensions, they are a terrorist organization.

I suspect you must mean something American, but this is no help to someone living in the UK.

Linton

Anton2011 wrote: »

I believe rather than cashing your pension you can transfer it to IRA, so that it will be safe as well as you can use your money for your needs. You can also invest it with more available options so that it will be available for you in your retirement days. I would like to suggest that you should either keep your pension money as it is or you can do IRA rollover

Err what is this "IRA"??? Perhaps you have noticed that this is a United Kingdom forum and that US rules dont apply here.

dunstonh

gnu43 wrote: »

Hi peeps,

My apologies in advance if this has already been covered.

Background;

I was sold a pension with Newton Finance around 10 years ago, when I was 25 shortly after I was paid money in damages for a car accident where I received brain damage (I have since recovered, but was ill with it for 3 years) it was not much money around £7,500. At this point in time I had recovered, and was compus mentus but was still quite shaky and very naive about life in general (side effect of the brain damage) and certainly about money.

To some extent I think that given my circumstances, I was missold the pension plan, especially given that I had no earning power at the time as an Art student nor, have I ever entered a pension scheme since. Only now being in position where this is a real option for me.

My question is can I cash in my pension scheme and use this money for a part deposit on a house (if no, is there any way these funds could be transferred into a deposit) and if I approached the ombudsman might I have grounds for making a complaint stating that I was missold a pension, given my situation at the time?

I suspect I know the answer, but as you can imagine, I am keen to make doubly sure that I am not passing up on an opportunity to take ownership of my money!!

Any answers, greatly received.

Thanks.

I cant see mis-sale reason here. Plenty of non-workers contribute to pensions. It can be a very tax efficient method of investing. You also have a financial need for retirement planning and the pension fits that.

You would effectively be complaining that you didnt have a retirement planning need. So, is that the case? Are you of sufficient wealth that you do not need to plan for your retirement by using the most tax efficient wrapper available?

You cannot access a pension until retirement age range. Hence why it is called pension and not savings account.

[Deleted User]

Hi,

Re mid-sold pension??

Thanks for the response, very useful info.

Yes I agree, probably I was not miss sold a pension, and neither is a pension - a savings plan. I'm thinking though that I'd rather have my own home than rent.. And in the long term, this may create more capital than a pension would. Which - i think makes sense.

Any forward on the 'IRA' statement.. Is this an American product?... Ill look into it. (ISA?)

Thanks for help... Really grateful

Btw, I have managed to 'drag' myself into a decent job these days, so life is on the up.. To the patronising one who asked what I'm gonna live on when I'm old.