Can I cash in my pension?

dunstonh

Surely any comtract I have is with a company that does not exist and should allow me to cash my pension in?

ROFL. That is a good one. Nice start to the morning.

As mentioned, your contract terms are unchanged and most importantly, HMRC rules are unchanged. It is the Govt that sets the rules. Not the provider.

freddie1961

I obtained the 25% tax free cash lump sum from my pension. However I am aged 56 and was advised by the people at Pensions Matter that I could only do so as I was over 55. As my fund was over £18,000, and I was not aged 60 I could not use the triviality laws that would allow me to cash all of the pension in. For more information there is more to read at their site at world wide web (www) pensionsmatter.org.uk. Sorry can't post a link as I am a relative newbie to the forum!

dunstonh

freddie1961 wrote: »

I obtained the 25% tax free cash lump sum from my pension. However I am aged 56 and was advised by the people at Pensions Matter that I could only do so as I was over 55. As my fund was over £18,000, and I was not aged 60 I could not use the triviality laws that would allow me to cash all of the pension in. For more information there is more to read at their site at world wide web XX-POTENTIAL SPAM LINK REMOVED-XX Sorry can't post a link as I am a relative newbie to the forum!

What you did was commence your pension benefits. It is not cashing in a pension and has consequences. Any local IFA can discuss this with anyone interested. It is not firm specific. You just did something that virtually any money purchase pension can do as part of their normal terms.

Out of interest, as a new poster, when posting links to companies there is often a suspicion that you could be self promoting your own business rather than being a real customer. You say you were 56. Yet the year in your board name would indicate you are 51.

scottygees

Am looking through some of these answers as I was wanting to take my deferred pension from my previous employer at the age of 50. I have read somewhere that if you had contractual rights as of 9th December 2003 to take benefits from age of 50 that this right can be retained. I joined the scheme from a previous scheme that was taken over when we got privatised in 1999. The deferred membership certificate I have states that "from age 50 onwards you can request immediate reduced pension". This has been signed by the trustees of the scheme on 15th August 2002.

So are we saying that this is no longer an option for me.

Thanks for any replies

xylophone

http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm03106020.htm might be relevant.

You can "request" but the trustees don't necessarily have to agree? This thread might be of interest.https://forums.moneysavingexpert.com/discussion/3663731

You need to contact the Trustees.

jamesd

Schemes that had an age 50 limit can still have it. Ask.

Zim_Zimmerman

I have been in the British Steel Pension Scheme for 35 years but I am still only 51, there is a chance that I will be made redundant, I am led to believe in this case that my pension would be 'frozen' until I am 65 or maybe even 67, can I not ask for it when I reach 55 as that was the age I was planning on retiring anyway after so many years working shifts.

help !!

jem16

Zim_Zimmerman wrote: »

can I not ask for it when I reach 55 as that was the age I was planning on retiring anyway after so many years working shifts.

help !!

You should be able to ask if you can have an actuarially reduced pension at age 55 although it's not guaranteed that you would get it even if you were working. It's down to the Trustees to decide if it's viable for the scheme.

dasherman

Zim_Zimmerman wrote: »

I have been in the British Steel Pension Scheme for 35 years but I am still only 51, there is a chance that I will be made redundant, I am led to believe in this case that my pension would be 'frozen' until I am 65 or maybe even 67, can I not ask for it when I reach 55 as that was the age I was planning on retiring anyway after so many years working shifts. help !!

You're getting mixed up with the state pension, which you will not get until you're at least 67.

Zim_Zimmerman

jem16 wrote: »

You should be able to ask if you can have an actuarially reduced pension at age 55 although it's not guaranteed that you would get it even if you were working. It's down to the Trustees to decide if it's viable for the scheme.

Thanks

I have just found this on BS Pension website :

The minimum age at which early payment of a deferred pension is allowed (other than on the grounds of Incapacity) is 55, with the exception of Deferred Pensioners whose period of pensionable service commenced prior to 6 April 2006, who retain the right to retire from age 50 under legislation.

Does this mean because I started in the scheme before April 2010 I can get my pension between 50 and 55 ?