Can I cash in my pension?

tocsin

Sounds like this may be a final salary pension?

Could be that there are still rights to retire at 50+, and therefore dpccrc6 can choose between redundancy and early retirement.

If so, I would be looking at: (a) can I live on the monthly pension (and is it index-linked)? and (b) will the pension lump sum be enough to prime the business venture?

Similar situation a few years ago - I went for the pension and haven't regretted it

jamesd

You may have a big reduction in the redundancy pay because if you take the pension you're treated mostly as retiring, not being made redundant.

Say you took redundancy. When could you retire after that? It looks as though it may be better to take the redundancy deal then later start the pension, not do it at the same time.

Azule

Hi.

I'm 58 years old, Ive just avoided been scammed by one of these companies offering a lump sum.

are there any legal companies that can do this?

Thanks

atush

If you have a personal or company pension that allows you to retire at 55, you can just do it. You don't need a 'special' or scam provider. You will be able to acces the 25% Tax free LS and take an income (either annuity or DD) from the rest.

You may not be able to take your pension at 58 if you have certain final salary or DB pensions that require you to be either 60 or 65.

What type of pension do you have? Have you spoken to your provider?

dunstonh

are there any legal companies that can do this?

I doubt companies acting within law and regulation would be willing to do unlawful transactions.

Chris_[BEANS]

OK, so very simply... I had a personal pension with a bank when I was first in full time work. I paid into it for a few years, then decided I couldn't afford it so stopped. That was over 10 years ago.
I now have a good occupational pension.
I'm now buying a house and could really use a small boost.

Am I right in thinking that there is simply no legitimate way I can access the cash from the old private pension, or sell the fund, or have any benefit from it whatsoever?

jem16

Chris_[BEANS] wrote: »

Am I right in thinking that there is simply no legitimate way I can access the cash from the old private pension, or sell the fund, or have any benefit from it whatsoever?

You are correct. There is no legal way to access the cash from this pension until you are age 55.

atush

And you do have benefit of it, esp if it is a Final Salary one which it might be as some banks still had them 10 yrs ago.

If you need a cash boost, lower your outgoings and work more.

Aegis

Chris_[BEANS] wrote: »

OK, so very simply... I had a personal pension with a bank when I was first in full time work. I paid into it for a few years, then decided I couldn't afford it so stopped. That was over 10 years ago.
I now have a good occupational pension.
I'm now buying a house and could really use a small boost.

Am I right in thinking that there is simply no legitimate way I can access the cash from the old private pension, or sell the fund, or have any benefit from it whatsoever?

Unless you are over the age of 55, you are correct.

Madpolly

Does any one know the situation in the Republic of Ireland

My father is looking to cash in his private pension pot (about 50 K ) it's with Standard Life in Dublin.

Oh and he is 67 but it says on the terms that it can't be cash in until he is 75

Any help would be much appreciated