How can i get my pension funds out at 45?

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
5 replies 1.2K views
mindiawlmindiawl Forumite
3 Posts
Hi, could anybody answer a few questions for me please?
I am 45 and have £40,000 roughly in a pension. i was made redundant in March and have been investing in property since then. It would be good if I could get my pension fund out to enable me to start earning 8 - 12% on it now, instead of waiting another 20 years and only earn 1 - 3%. The pension was a company type pension where for every £4 I paid in, the company paid in £6. No contributions are have been paid in since March.
Can I either

1 Release the funds?
2 Transfer the funds to another pension that allow release?
3 Sell my pension for a lesser value?
4 unlock?

Thanks

Replies

  • LintonLinton Forumite
    14.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Hung up my suit!
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    The answer to all your questions is NO. Suggest you read the thread at the top of this forum.

    You will be able to access some of your money at 55, but this should all be covered in the aforementioned thread.

    You would be unlikely in my view to be able to make a safe and consistent return of 8% anyway. And you should be able to do much better than 1-3% from a pension.
  • grey_gym_sockgrey_gym_sock Forumite
    4.5K Posts
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    you might be able to transfer the funds to another pension that allows you to invest in commercial property (while keeping all the funds inside the pension).

    however, £40k is perhaps impracticably small for that.
  • Andy_LAndy_L Forumite
    11.9K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    If you can get 8-12% outside a pension you can get the same return inside a pension, although you might have to transfer it to a different provider

    Other than that terminal illness would let you get it and, possibly, if you'd spent your career as a professional athlete
  • The pension will be earning something NOW too. It will not be sat idle as cash.
    Thinking critically since 1996....
  • dunstonhdunstonh Forumite
    106.7K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    It would be good if I could get my pension fund out to enable me to start earning 8 - 12% on it now, instead of waiting another 20 years and only earn 1 - 3%.

    As pensions have virtually the same investment options as ISAs, bonds and unwrapped, why cant you just invest in that area with the pension?

    What are you invested in that only has the potential of 1-3% p.a.? It isnt the pension that is doing that. It is where you are invested. If you dont like it then change it.

    And the answer is no. You cannot legally access your pension.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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