Can I cash in my pension aged under 40 ?

geraldo7111

Good Afternoon , first time threader , so please be kind , I have a deferred pension from my employer from 11 years ago , ( left company 2001)
I am now aged 34 , and have a family , and the extra funds would come in handy.
Would i be able to either cash this in early , or would a company purchase it from me , Any help or comments would be most helpful.
Thanks

molerat

Are you seriously disabled and cannot work or have less than 12 months to live ? If the answer is yes then maybe, if no then you cannot access the funds (legally) until 55.

geraldo7111

Thanks ,Molerat for the speedy reply

Proxy

https://forums.moneysavingexpert.com/discussion/3447527

atush

And BTW, although the funds might 'come in handy' they will come in even handier when you retire.

If you were able to cash it in, what would you be living on at 70? Or would you work til 90?

CannySaver_2

Hi

To add my two peneth.

I'd also avoid any of the companies which have sprung up offering access to pensions early, either through loans, pension repatriation or any other such term.

They may or may not release funds, you will pay huge charges, they could well be illegal and you are likely to end up with a large tax bill in the future.

You will certainly be worse off in retirement.

Many many people are not finding it easy to make ends meet at the moment, but accessing your pension is not the answer, although as you are talking about it why not spend some time reviewing it and making sure it's as good as it can be!

The Canny Saver

atush

And go to the budget or debtfree board and post an SOAand the folks there will help you trim your spends down.