Can I cash in my pension?

DC1980_2

Thanks. I've put it in a new thread.

dzug1

amanthapeterson wrote: »

I think the pensioner is liable to do every sort of thing he/she want to do. He may cash the pension any time he wants all it need to be done under the reliable and legal entities.

There aren't any reliable and legal entities

mjdh1957

There's no point responding to amanthapeterson. He/she/it seems to be posting randomly to have a posting history (presumably before spamming the boards with weblinks).

dunstonh

amanthapeterson wrote: »

I think the pensioner is liable to do every sort of thing he/she want to do. He may cash the pension any time he wants all it need to be done under the reliable and legal entities.

This sounds like a bot response. Looking at the posting history, they all do, which suggests it is a building up of post count to allow links/PMs. However, whatever it is, the information posted ins wrong and doesnt make any sense.

atush

Sarah715 wrote: »

I totally agree, sorry my point wasn't that clear.
If you are in ill health and you don't want to leave your family with your debt, it might be best to pay it off if you have the opportunity. Obviously this isn't the best idea for everyone, it is always down to personal circumstance.

If you die and the debt is in your name, and have no assets in your estate then the debt dies with you. The pension if not taken would be inherited Outside the estate. Not sure a creditor can touch this? Then can have a claim on assets within your estate.

gadgetmind

dunstonh wrote: »

This sounds like a bot response

Ditto all posts by this "person" but it's actually a jolly good bot and manages to be right on the giddy edge of relevant much of the time.

gadgetmind

Reads like another spambot.

mark55man

reads like a spambot without English as a first language. I know computer linguistics is very difficult but that's not even trying

gadgetmind

mark88man wrote: »

reads like a spambot without English as a first language. I know computer linguistics is very difficult but that's not even trying

On some threads hereabouts, that bot's English would be way better than a good 50% of the humans involved!

Drp8713

Sarah715 wrote: »

I stumbled across this subject when I was looking into my pension and I can see why it is a popular subject for debate!

To me it looks like it is something that some people could really benefit from, especially reading about how much debt some people are in when they are reaching retirement age, even more so when ill health comes into play.

This infographic has some interesting points and stats:
http://www.portalfinancial.co.uk/tax-free-cash.php

I have come accross Portal Financial before.

They seem to be a legitimate FCA registered company who will transfer any pension even if its in a final salary scheme, to a SIPP.

One cases I came accross the guy was 59 and wanted to "unlock" some of his pension.

He was due a pension of £9000 and a lump sum of £27000 payable in full at age 60, index linked to CPI, with almost 50% spouses pension and a 10 year guarentee.

If he transferred to them he would get an annuity of about £4500 if he took a 25% PCLS.

So basically would lose half of his income for life by having it 1 year earlier and yet they hadnt explained any of that to him. Just kept pushing the fact he can take 50k as a lump sum, he didnt even know he had to transfer it and would lose all the above protections.

I cant believe they havnt been warned by the FCA for bascially letting stupid or desperate people do really stupid things, just so they can take 5% of the ir CETV when they transfer.