Can I cash in my pension?

565373

I am 60 years old, self employed and looking to retire.

I have a small personal pension valued at £17,725 ( transfervalue £17513) with intended retirement age of 65 quoted on the policy.

The Key policy details schedule states :

Investment type: Unit linked including Unitised with profit

Investment fund: Phoenix NPI pens managed Series 2





However the Pension Projection (Monetary) document indicates that on an assumed yearlyrates of value:

Based on 4%

I would get an annual pension of £664

And a tax free lump sum of £5060



I would appreciate any advice on this. Also I have read onhere that I may be able to access these funds now as I’m over 60. Is thatcorrect or would it be better to leave the pension until I’m 65( I no longer makecontributions)?

Also would exit charges apply and what percentage would I belooking at?

TIA

565373

dunstonh

I would appreciate any advice on this.

You havent given any questions or scenarios that allow for any "advice". What advice do you want or what do you want to achieve?

Also I have read onhere that I may be able to access these funds now as I’m over 60. Is thatcorrect or would it be better to leave the pension until I’m 65( I no longer makecontributions)?

You can commence the pension now if you wish. Or leave it until later if you wish.

Also would exit charges apply and what percentage would I belooking at?

There could be a charge for early access prior to scheme age. Some plans/funds do. Some do not. You would need to ask them.

Joe_Hennessey

Hi,
I was looking into cashing my pension in when my daughter was looking to move out of our family home but was having abit of trouble finding someone to lend her the funds me and my wife didn't have a large amount of saving but we wanted to help her out so I started to look at ways we could help her out and this is one that interested me so after looking around this thread and looking around on google some one on here directed me to this website that offers free information on the subject and I found it really useful.

They were a great help to me and showed me all my options, check it out Here

Hope This Helps
Joe Hennessey

real1314

Joe_Hennessey wrote: »

Hi,
I was looking into cashing my pension in when my daughter was looking to move out of our family home but was having abit of trouble finding someone to lend her the funds me and my wife didn't have a large amount of saving but we wanted to help her out so I started to look at ways we could help her out and this is one that interested me so after looking around this thread and looking around on google some one on here directed me to this website that offers free information on the subject and I found it really useful.

They were a great help to me and showed me all my options, check it out Here

Hope This Helps
Joe Hennessey

Yeah, course they did. Even though their own site says they do not offer advice nor can the discuss options as they are not FSA registered.
Are you connected to them? If you are, you may be guilty of fraudulent mis-representation. :cool:

jamesd

Watch out, that's an unregulated company saying in one place that it doesn't offer advice but elsewhere saying that its advisors will offer personal advice for your own situation. It's promoting a number of high risk things that are likely to incur a 55% tax charge for unapproved withdrawing from a pension. It's worth a read of Beware The Pension Pirates and staying well clear of such schemes.

If you're used the firm please contact your local police fraud team and ask them to file a money laundering report with details of all companies and bank accounts that you have from them. That'll help to protect others by letting the authorities block those accounts and alert legitimate pension providers.

atush

565373 wrote: »

I am 60 years old, self employed and looking to retire.

I have a small personal pension valued at £17,725 ( transfervalue £17513) with intended retirement age of 65 quoted on the policy.

The Key policy details schedule states :

Investment type: Unit linked including Unitised with profit

Investment fund: Phoenix NPI pens managed Series 2





However the Pension Projection (Monetary) document indicates that on an assumed yearlyrates of value:

Based on 4%

I would get an annual pension of £664

And a tax free lump sum of £5060



I would appreciate any advice on this. Also I have read onhere that I may be able to access these funds now as I’m over 60. Is thatcorrect or would it be better to leave the pension until I’m 65( I no longer makecontributions)?

Also would exit charges apply and what percentage would I belooking at?

TIA

565373

If this is your one and only penson, 2 things.

You might be able to draw the entire amount now under triviality riles. but you can pay tax on 75% of it.

2 if this is your only pension, and you take it in cash now (and spend it), what will you live on in retirement?

dunstonh

Joe_Hennessey wrote: »

Hi,
I was looking into cashing my pension in when my daughter was looking to move out of our family home but was having abit of trouble finding someone to lend her the funds me and my wife didn't have a large amount of saving but we wanted to help her out so I started to look at ways we could help her out and this is one that interested me so after looking around this thread and looking around on google some one on here directed me to this website that offers free information on the subject and I found it really useful.

They were a great help to me and showed me all my options, check it out SPAM SITE REMOVED[/URL]

Hope This Helps
Joe Hennessey

Why would you want to promote a company that is not FSA regulated in an area where UK law requires them to be, if they are doing the things that you say. Especially when what they are doing is unlawful (you cannot sell a pension or cash in a pension - recent court cases have sided with HMRC and the pensions regulator on this).

I have pressed the spam button on your post for promoting an unlawful scheme. Although it looks like the site you have linked to has been pulled. A cache is available and its clear that its doing all the things that are listed as being unlawful. I would suggest you dont go spending your money yet (assuming you are for real) as HMRC will come calling in the next 3 years.

atush

Nice try james, but no dice.

Reported.

dunstonh

Who on earth would trust someone who uses a gmail email address for professional contacts.

Jack_Griffin

I found this document about the dangers of cashing in a pension before age 55, or pension liberation fraud as it is called. Easy to follow & goes into the tactics these companies use and the likely tax penatlies any one that falls for the scam is eventually going to face.

http://www.pensionsadvisoryservice.org.uk/media/826600/members_leaflet.pdf