Can I cash in my pension?

chris1922

How do I find out how much I have in my pension pot? I am 55 now I had a company pension for 6 years between 1980-1986, then a Standard Life Private pension for 4 years, followed by another company pension for 12 years. I would like to cash 25% in for a house deposit but do I need to contact all the companies individually? devils own job trying to find out who to speak to although they are still trading. Can anyone help or give some guidance where to start please?

atush

Why are you buying a house now with pension funds?

Do you have any paperwork for any of these pensions? Call the pension companies with your acct number and ask what they are worth. Yes, they are all separate policies so you need to contact each.

It may well be, some of the pensions are DB pensions so you wont be able to take them under the new flexible rules, and it may be the others dont support drawdown. So you might want to transfer some/all of them to another pension that will allow you to take the 25% tax free and leave the rest invested.

Will 75% of your pension be enough to live on?

dunstonh

How do I find out how much I have in my pension pot?

Ask your provider or IFA.

I would like to cash 25% in for a house deposit but do I need to contact all the companies individually?

Depends on whether your want the PCLS out of each pension. If yes, then each will need to use flexi-access drawdown (which will almost certainly mean having to do pension transfers).

xylophone

Are the company pensions "deferred defined benefit"?

Does the Standard Life pension come with any guaranteed benefits?

scottishwarrior

my question is , if I draw from one pension one year a other one the following year do I pay tax on that?, as I'm planning the 25% from both.

bigadaj

Nope, so long as you don't exceed the 25% there is no tax to pay.

kenneth_mcgrew

Hi,

i have been made redundant ( not a bad thing in the scheme of things) but i also have a DB pension.

i can take this when im 55, however i also own property, so if i could release / sell / cash in my DB pension i could pay off my rental mortgages and have enough to live on.

problem is im 40... do i really have to wait 15 years to unlock this money? its my money cant i just do with it as i please? im lost among scammers and crap google click baited searches hopefully someone can point me in the right direction.

ideally i want to sell my pension so i can retire now but i read i need to be 55 to unlock this? help?

jimi_man

As far as I am aware, other than a serious illness, no you can't. You will have to wait till 55.

I do like the statement 'I want to sell my pension so I can retire now'. Certain amount of irony there.

Silvertabby

Hi,

i have been made redundant ( not a bad thing in the scheme of things) but i also have a DB pension.

i can take this when im 55, however i also own property, so if i could release / sell / cash in my DB pension i could pay off my rental mortgages and have enough to live on.

problem is im 40... do i really have to wait 15 years to unlock this money? its my money cant i just do with it as i please? im lost among scammers and crap google click baited searches hopefully someone can point me in the right direction.

ideally i want to sell my pension so i can retire now but i read i need to be 55 to unlock this? help?

Forget googling 'cash in my pension' - you'll just get the scammers.

Fact is, the only way you could access your pension before 55 would be on the grounds of serious ill-health, regardless of what the scammers tell you.

In view of your age, it's likely that 55 isn't your normal retirement age, but just the earliest you can access your pension. If so, then taking your pension at 55 could mean that it would be subject to a hefty reduction for early payment.

Which pension scheme are you in?

atush

And this is a DB pension, so some cant be taken at 55, and if it can be taken at age 55, it will be substantially reduced. AS much as 50%.