pension cash in's

antoinette_rose

I have a lot of money tied up in a private pension.
I am only 48, and have a very ill farther and no funds to pay for care.
how can i release money out of my pension early ?

Thanks

dasherman

You can't!

RichandJ

As dasherman said, you can't, see:

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

You should not be using your own retirement funds to pay for a parent's care. Does he have no assets at all ?

If not, then local government care will be his only port of call.

antoinette_rose

what if i needed the money for something else
there must be a way of releasing money out of your pension early ???

Mojisola

Has your father had a benefit assessment to see what he's entitled to?

Does he have a Social Worker?

dasherman

antoinette_rose wrote: »

what if i needed the money for something else
there must be a way of releasing money out of your pension early ???

A pension is to fund your retirement, it's not a savings plan. The earliest you can take any of it is at 55 and then you can only take 25%.

RichandJ

antoinette_rose wrote: »

what if i needed the money for something else
there must be a way of releasing money out of your pension early ???

No. There is not.

Read the sticky, or stop bothering people who are trying to help you.

dunstonh

what if i needed the money for something else

That is what your savings account is for. A pension is for your pension.

there must be a way of releasing money out of your pension early ???

death.

bilbo51

dunstonh wrote: »

death.

:cleans computer keyboard:

You have such a way with words dh.

jamesd

Please say more about the assets available to your father and what benefits and other assistance he's receiving and also why extra funds are needed for his care, like what care they will provide. The specific circumstances can sometimes offer solutions.

While you can't directly get at your own pension put until you're either 55, when 25% becomes available, or diagnosed with a condition that's expected to kill you within a year, when it all becomes available, there are potential alternatives.

Since you know you have a pension pot and know that you can take 25% of it when you reach 55 if it's a personal pension, you could increase your mortgage and then clear the increase with 25% of the pension pot when you reach 55.

It's harder to do but a very long term personal loan that you clear once you reach 55 might be an option. the big catch with this is that the repayments will be much higher than a mortgage because of the shorter term. And you want low repayments or even interest only until you reach 55 to free up the maximum amount of money.