Pension Loans

althas

Ok, serious question on this kind of service

I know the term in not accurate
Please no advice on actual pensions, save for retirement, bad ida, leave it where it is etc etc

I would like some honest information from anyone who has entered into one of these kind of schemes. How did you find it, did it work, any problems with it....that kind of thing

Sometimes people find themselves in a situation where they need to look at and consider any option available to them

I would ideally like to jut cash the whole pension in, pay the tax man his cut and I will have the rest, but I know of no way to do this

btw it is an old final salary company scheme, paid into it too long to cash out

Thanks for understanding and not taking the thread into a different directin from that I have asked

Lokolo

I just don't think I have the willpower.

Pension loans are illegal and you can be fined a lot of money for these sort of schemes.

dunstonh

I would like some honest information from anyone who has entered into one of these kind of schemes. How did you find it, did it work, any problems with it....that kind of thing

You mean apart from the fact that the pensions regulator is closing the schemes and seizing assets on those not using pension loans correctly and that HMRC can come after you for a 55% tax penalty for it being an unauthorised payment?

Sometimes people find themselves in a situation where they need to look at and consider any option available to them

Breaking laws and getting scammed is not an option you should consider.

Thanks for understanding and not taking the thread into a different directin from that I have asked

It will go in a direction you wont want as you have asked an FAQ that tends to appear a couple of times a week.

JoeCrystal

Please, just read this Sticky. You will find it quite enlightening!

Joe

atush

btw it is an old final salary company scheme, paid into it too long to cash out

Thanks for understanding and not taking the thread into a different directin from that I have asked

Final salary, the one thing most workers cant get for love nor money and you want to cash it out????

We can't help but take it into another direction.

Once in your life you mad e agreat decision. You joined a FS pension scheme. Best decision you ever made.


Now, you have made some really bad decisions that have left you in debt. How would you like further debt on top? Once you have entered into a pension loan scam and then have to oay the govt their 'whack' eafter you have spent the lot???

You don't need the pension board as what you ask isn't posible legally.

but what you need is the debt free board, where when you post your SOA of income/expense others will help you get out of debt. That is what you really need, as even if it was leagal to cash in a FS pension as you would like to do, and make yourself poor in retirement- what would you do when you continue to overspend and then are in debt again in a few years and you have nothing left to sell (apart from maybe a kidney)?

althas

Well thank you all for not just sticking to the question I asked in the first place and not going in a different direction, I should have asked for that in my post.......................ohh wait..................

And thank you for not being judgmental and snide with some of your replies - so much appreciation for that. After all I did go into so much detail on that I was thinking for the reason to do this with such clarity that it could not be assumed.................ohh wait................

Good to know there are people who do not just read what is asked and give opinions on things not requested.............thank you all soooo much, I will make sure from now on I return to these boards for all your loving and understanding..................

atush

I was not being snide I am SERIOUSLY worried for you if you go down this route- honestly. But you can't, as you can't move a FS pension w/o an IFA to 'sign off' on it and they wouldn't. You are taking our serious concern for you as snide and judgemental and I am far from that. Pension loans are a scam, will put you in a worse position should you be able to (and with a FS scheme don't think you can anyway) HMRC finds them illegal. And you will not have addressed how you got into debt int he first place which is what you really need to do.

Please look at other ways to raise the money and pay off your debt. The debt free board can be a really big help. They really will help you with lowering your outglings and give you stragegies for paying off your outstanding debt.

ashleypride

People have given very good advice - no scheme exists that won't get you fined by HMRC and scammed. The money is NOT yours until you retire, what you are asking to do is illegal. What more do you need to know? Do you really think we should be assisting you to commit crime and getting ripped off?

mania112

until aged 55, you can not draw an income from your pension.

the pension loan is not legal

dunstonh

You cant help some people. They are born to be scammed.

Lokolo

althas wrote: »

Well thank you all for not just sticking to the question I asked in the first place and not going in a different direction, I should have asked for that in my post.......................ohh wait..................

And thank you for not being judgmental and snide with some of your replies - so much appreciation for that. After all I did go into so much detail on that I was thinking for the reason to do this with such clarity that it could not be assumed.................ohh wait................

Good to know there are people who do not just read what is asked and give opinions on things not requested.............thank you all soooo much, I will make sure from now on I return to these boards for all your loving and understanding..................

What was wrong with my answer?!?!

Just can't please some people!