Pension Funds for Business

CarolBiz

Hi

Can I take money from my pension to use to fund a new business?

Thanks
Carol

JoeCrystal

How about reading this Link to the topic first?

Cheers

Joe

EDIT: Valid point, McKneff. I will rename Sticky to something more directional.

McKneff

A pension fund is for income in your old age, it isnt a savings account.

Once the money goes into a pension fund, it ceases to be yours, it is in trust for an income.

So, no, you cannot cash in (or indeed borrow) from a pension.

NB, perhaps the Newbie doesnt know what a sticky is, but the link was very helpful

dunstonh

You can actually borrow upto 50% of the pension where it is for the benefit of the pension. However, it is unlikely that trustees would consider a business start up as acceptable. It could be used towards a business premises though.

Realistically though, it unlikely the pension will be of any use as its not the purpose of a pension to act like a savings account.

CarolBiz

Thanks to you all for replying.

This is what I thought but just wanted someone to confirm it.

Back to the drawing board then.

CarolBiz