Options to cash in?

miracleboy

I have a really old work pension that I just managed to find out details of, and really I want to cash it in if at all possible. The current company (AXA) say that's not possible, I only have 2 options - either leave it with them or transfer it. I wondered if I transferred it whether I would be able to transfer it to anyone who will then allow me to cash it in?

The details AXA gave me are;

I can confirm that at your date of leaving the company your deferred pension of £760.00 per annum was split between:

(i) Guaranteed Minimum Pension (GMP) of £113.36 per annum.
(ii) Excess pension of £646.64 per annum.

Your GMP increases for each complete tax year between date of leaving and date of retirement at 6.25% per annum compound.

The excess pension increases by 5% or by the rise in the relevant revaluation index if less per annum from your date of leaving to your normal retirement date (21 June 2035).

The earliest age you are able to start receiving your pension is 55.

somethingcorporate

Read the sticky at the top of the forum "can I cash my pension in". (Link https://forums.moneysavingexpert.com/discussion/3447527)

The answer is no, it is not a savings account, nor does it belong to you.

You can only access the money if you are over 55 (and then subject to limits, 25% tax free etc) or if you are terminally ill.

A quick search would have bought up the hundreds and hundreds of identical threads in this forum.

mania112

miracleboy wrote: »

(i) Guaranteed Minimum Pension (GMP) of £113.36 per annum.
(ii) Excess pension of £646.64 per annum.

Your GMP increases for each complete tax year between date of leaving and date of retirement at 6.25% per annum compound.

The excess pension increases by 5% or by the rise in the relevant revaluation index if less per annum from your date of leaving to your normal retirement date (21 June 2035).

Can you not see for yourself how foolish it would be to transfer it?

dunstonh

It is part of the reason the Govt restricts people from doing such silly things like that.

atush

Where would you get 6.5% (or even 5% for the rest) in the market now (as savings)?

Even if you could cash it in ti would be (sorry) Stupid. But you might be able to take benefits (commence your pension) at age 55 or more. Ask the adminsitrators if this would affect any of those valuable guarantee's. But i;d leave it.