Can I cash in my pension?

Silvertabby

I'm a deferred member of a BT scheme. I have other excellent pensions that can wait until later, but I might take the BT one now. The CETV is 120k. However, I can't find a place to xfer it to that will allow me access now as I'm only 50. Any ideas????? Ps I can access the BT pension scheme now and I've had that confirmed in writing Posted by Scottygogs

No, if you transfer your benefits out of the BT scheme then you lose the retained benefit of being able to take your pension at 50.

If you transfer out then you are stuck until 55. (With the exception of access under serious ill health).

Anyone who tells you otherwise - ie "there is a little known loop hole" is a thieving scumbag.

dunstonh

However, I can't find a place to xfer it to that will allow me access now as I'm only 50. Any ideas?????

You cant.

Protected scheme ages apply to the scheme. If you leave that scheme, you lose any transitional reliefs.

littlemissbossy

Sorry for using an old thread, I wasn't sure where to ask my question?

If you have more than one private pension scheme, can you take 25% from each one?

Linton

littlemissbossy wrote: »

Sorry for using an old thread, I wasn't sure where to ask my question?

If you have more than one private pension scheme, can you take 25% from each one?

If you are 55 or over, yes. In practice each pension is treated independently of any other so you dont have to take both at the same time. In theory you could take 25% of the whole lot from just one of them but no provider actually supports this.

littlemissbossy

Linton wrote: »

If you are 55 or over, yes. In practice each pension is treated independently of any other so you dont have to take both at the same time. In theory you could take 25% of the whole lot from just one of them but no provider actually supports this.

Thanks for your quick reply, that's really helpful.

LordNelson_2

Pension losing funds at 60+ what should I do?
The loss is almost double what I have put in during the last 12 months. I need to move it or? Not enough funds for FA.

dunstonh

LordNelson_2 said:

Pension losing funds at 60+ what should I do?
The loss is almost double what I have put in during the last 12 months. I need to move it or? Not enough funds for FA.

have you checked for updated values.  Recent statements being issued are often 2 months behind on valuations.      You may well find you are back in profit again.

What did you do in 2018 during that loss period?  Or 2015/16 or 2008/9 or 2001-3.?    
Why do you think you need to do anything?

Why are you posting your question to a pension cash in thread?

LordNelson_2

dunstonh said:

LordNelson_2 said:

Pension losing funds at 60+ what should I do?
The loss is almost double what I have put in during the last 12 months. I need to move it or? Not enough funds for FA.

have you checked for updated values.  Recent statements being issued are often 2 months behind on valuations.      You may well find you are back in profit again.

What did you do in 2018 during that loss period?  Or 2015/16 or 2008/9 or 2001-3.?    
Why do you think you need to do anything?

Why are you posting your question to a pension cash in thread?

Updated values even worse.
2018 just held in there hoping things would turn around.
Cash in thread seemed the most appropriate, maybe I just need to move it to an annuity. I would like to draw on it in approx 11 months.

GulliverTravelled

I an expat in the USA and coming up on my 55th birthday in April, I would like to buy a home and aim to take 25% of my UK based personal pension plan held by Zurich. I guess my question is how easily can i transfer this 25% funds from my UK pension to my US bank? US tax implications? Or does the UK US Pension agreement see me good?

Thanks for any help in advance!

Rasputin247

I have an anuity in payment im informed I cannot cash it in by my pension company. I'm in ill health mentally & physically which can be proven by my doctor. I'm 77 is there any way possible for me to cash it in. My pot is worth approx 18k can anyone offer any help?