Cash In My Pension

Moneysaver2012

Hi
I wonder if someone can help?
A company I worked for made payments into a pension for me, i no longer work for this company so no further payments are being made into it.
I am currently in financial difficulty and need every penny I can get me hands on just to pay my monthly bills, this money which is not a large amount but would go some way to help pay me bills and give me a bit of time! I called the company that holds my pension and they just laughed at me saying you have to be 55 or over to be able to cash your pension in. I am wondering if there is a way I can cash this in or transfer it to another company that can do this, unfortunately I am currently not in a situation to look to the future and need the help now and it is just sat there doing nothing for me anyway? I could put it to better use by helping me pay my bills which is a struggle at present
Any advice would be really appreciated
Thanks

dunstonh

I called the company that holds my pension and they just laughed at me saying you have to be 55 or over to be able to cash your pension in.

Age is irrelevant. You cannot cash a pension in at any age. It is a pension. Not a savings account or savings plan. The options are:
1 - commence retirement benefits between the ages of 55 and 75 or
2 - if you are aged 60 and ALL of your pensions have a value (or equivalent value) of under £18,000 then you can receive it as a trivial lump sum payment minus a tax charge.

I am wondering if there is a way I can cash this in or transfer it to another company that can do this

there isnt any legal way to do it.

le_loup

No.
A pension is not a savings account. It's a pension, that's why you get all that lovely tax relief.

Moneysaver2012

Thanks for the info, however when reading the pension companies website there is info on cashing your pension in hence the reason I asked this question? I know it is not a savings account but when you are in need of money I will try anything

Aegis

Moneysaver2012 wrote: »

Thanks for the info, however when reading the pension companies website there is info on cashing your pension in hence the reason I asked this question? I know it is not a savings account but when you are in need of money I will try anything

The only legal way to get access to your pension as a lump sum prior to age 55 is to be diagnosed with less than a year to live. Anything else is in breach of a whole load of pension legislation and could see you hit with a very large tax charge which would only add to your woes.

Accessing your pension is not an option to improve cash flow at your age, I'm afraid. You'll need to look elsewhere.

xylophone

It looks as though you would benefit from some debt counselling.
Try this charity.
http://www.cccs.co.uk/AW/Debtcounselling.aspx?WT.srch=1&WT.mc_id=200101&gclid=CKPsjpvS8K4CFSEntAodZQlEKQ

atush

I agree, you need debt councilling and help. Because the last thing you should do with a pension that is safe from being targeted and taken by those you owe money to is tomove it to where it can be seized. right now, it is the only 'safe; thing you own.

And you need a new MSE name as you are clearly not a moneysaver, but we hope someday you will be- good luck.
try the debt free board.

CannySaver_2

Hi

Sorry to hear of your financial troubles, however, I would agree with the others.

Firstly, there is no legal way to 'cash in', ' surrender', 'release' etc your pension before the age of 55 unless you are seriously ill. Please do not get taken in by these websites suggesting you can, their schemes are mostly illegal, and a sure way of you losing significant amounts of money.

A pension is never actually yours, you are simply the beneficiary when you reach the age of 55 onwards.

I'd also agree that you should seek some debt relief / counselling and suggest you speak to the CCCS in the first instant. I have a friend who uses them and they are excellent.

The Canny Saver