Pension Loans

chesky369

You can't release money from pension contributions unless it has been open for less than two years, in which case you can close the scheme and take back YOUR OWN contributions (not the ones your employer has put in).

stateofmind

Why have most of you found it so hard to just answer the original question?

Elvis, thanks for your really funny and clever response, you really are a modern day Genius - grow up.

Not responding any more now, obviously a waste of time posting anything on here. This forum has turned into a joke.

Thanks to those who did offer something practical.

KingElvis

stateofmind wrote: »

Elvis, thanks for your really funny and clever response, you really are a modern day Genius - grow up.

Thanks for the compliment, it's appreciated

Apples2

stateofmind wrote: »

Not responding any more now, obviously a waste of time posting anything on here. This forum has turned into a joke.

And if anyone had helped you completely self destruct as you seem determined to, the Forum would have failed.

You started the jokes in the opening post anyway!!

stateofmind

Read the first comment on forum etiquette on the right hand side of the page.

It was hardly the most stupid of questions. I didn't ask for people to encourage me to proceed with a loan like that, I asked for advice.

Now bore off and bother someone else

dunstonh

Why have most of you found it so hard to just answer the original question?

The question was answered. There are no legal ways to access the money early (caveat is that there are some possible ways to do it but are always subject to HMRC scrutiny and HMRC and the pensions regulator are actively shutting schemes down). So, you run the risk of an HMRC penalty fine and having to repay the money. The 50% you dont borrow will typically be invested in inappropriate investments (some have been found to buy overseas properties from the pension loan promoters at inflated prices) and have charges so high that the money left in the pot will be eroded to zero.

Not responding any more now, obviously a waste of time posting anything on here. This forum has turned into a joke.

You would probably have been better posting in the pensions forum. However, you would almost certainly have got a similar response as it is an FAQ (there is sticky in the pension section on this) and it isnt difficult to see that most of these schemes are scams.

Gordon_Hose

Turned into a joke?? lol!

You've only been here since July !!!!!!!

dunstonh

Its final. Once and for all. The High Court has ruled that accessing pensions via pension loans is illegal

http://www.moneymarketing.co.uk/pensions/high-court-rules-unlocking-schemes-contravene-pensions-law/1043412.article

molerat

Even the courts are giving the wrong answer now :cool: