Can I cash in my pension?

jem16

Zim_Zimmerman wrote: »

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

You said April 2006 for age 50 retiral - now you are saying 2010?

If you are eligible then you can ask but they don't have to give you it. Do remember that it will be actuarially reduced if your take it before normal retirement date.

Zim_Zimmerman

jem16 wrote: »

You said April 2006 for age 50 retiral - now you are saying 2010?

If you are eligible then you can ask but they don't have to give you it. Do remember that it will be actuarially reduced if your take it before normal retirement date.

Sorry the law changed in April 2010, I started in August 1977, but just noticed the bit about April 2006 on the British Steel Pension Website, but I'm not sure if I'm reading it correctly. I know it will be reduced but if I lose my job I may have to take it or lose my home.

jem16

Zim_Zimmerman wrote: »

Sorry the law changed in April 2010, I started in August 1977, but just noticed the bit about April 2006 on the British Steel Pension Website, but I'm not sure if I'm reading it correctly. I know it will be reduced but if I lose my job I may have to take it or lose my home.

It does appear to be saying that you have the right to request it at age 50.

Zim_Zimmerman

jem16 wrote: »

It does appear to be saying that you have the right to request it at age 50.

I contacted british steel pension today and they say I would lose 75% if I requested my deferred pension at 50, as they deduct 5% per year from 65, seems excessive to me. Would I have any other options ?

dunstonh

Zim_Zimmerman wrote: »

I contacted british steel pension today and they say I would lose 75% if I requested my deferred pension at 50, as they deduct 5% per year from 65, seems excessive to me. Would I have any other options ?

To be honest, that is quite fair. Your pension was based on benefits being provided at 65. By taking them at 50, other members would suffer. So, that cost has to be considered and the option is to either charge it to you or charge it to others. It would be unfair to charge others so you take the hit.

jem16

Zim_Zimmerman wrote: »

I contacted british steel pension today and they say I would lose 75% if I requested my deferred pension at 50, as they deduct 5% per year from 65, seems excessive to me.

Fairly normal for defined benefit pensions to be reduced by 5% for each year taken early.

Would I have any other options ?

Wait till age 65.

Canario33

Can I claim back my state pension contributions?
I am from France and I am working in the UK for more than 4 years.
Now I want to immigrate to NZ and will never come back to the UK neither France.

dzug1

You can't cash in, no

But your UK contributions may be counted in New Zealand

http://www.broadbaseimmigration.co.uk/on-your-way/what-happens-to-my-uk-state-pension.html

rayb6379

Hi, I've had a private pension, that I've not contributed to for quite a number of years, that has been slowly bubbling away. I am currently employed and paying into my employers pension scheme.

I've no actual plans to retire, or come out of the company pension scheme, for at a least another six years, but can I take out a pension annuity, plus cash lump sum, from the private plan whilst still employed?

I guess I might be paying a bit more tax on the income.

I am over 55.

Thanks

jem16

rayb6379 wrote: »

but can I take out a pension annuity, plus cash lump sum, from the private plan whilst still employed?

Yes you can.

I guess I might be paying a bit more tax on the income.

You would have to add the pension income to your work income. If that takes you into higher rate tax then you would have to pay that.

Do you need the income now? If not why bring it out of a tax-free environment into a taxable one?