changed employer-change pension provider?

adele_swell

Hello

I am 27 and have a pension with employer contributions of about £15,000. Obviously I would like to withdraw this but have read this is near impossible, so am going to transfer pension to personal provider. Does anybody have any advice/suggestions on what is best to do please (and if there is any way at all to withdraw before 55?!)

Thanks very much in advance

mania112

Do you need to? You may able to continue with the existing scheme and add your own contributions as you wish.

You're right though, withdrawal is not possible before 55. Some cowboys may try to convince you its possible, but HMRC will find out (maybe some time later) and hit you with a stonking tax bill. Don't risk it.

Linton

adele_swell wrote: »

Hello

I am 27 and have a pension with employer contributions of about £15,000. Obviously I would like to withdraw this but have read this is near impossible, so am going to transfer pension to personal provider. Does anybody have any advice/suggestions on what is best to do please (and if there is any way at all to withdraw before 55?!)

Thanks very much in advance

Why do you want to transfer it?

dunstonh

I am 27 and have a pension with employer contributions of about £15,000.

Not a bad fund value for age 27.

Obviously I would like to withdraw this but have read this is near impossible

Why obviously? Most normal people wouldnt think that as being obvious. Yes, it is impossible within UK law.

so am going to transfer pension to personal provider.

For what reason?

Does anybody have any advice/suggestions on what is best to do please (and if there is any way at all to withdraw before 55?!)

We dont know you, what you want to invest in, what you are capable of understanding about investments, risk profile, distribution channel you would use etc. You could already be in the best option.

xylophone

What kind of pension is this?

Annisele

adele_swell wrote: »

Does anybody have any advice/suggestions on what is best to do please (and if there is any way at all to withdraw before 55?!)

I know this isn't a helpful answer, but for completeness...you *might* be able to withdraw it before 55 if you become terminally ill.

There are some legally dodgy schemes that involve transferring the money abroad - but HMRC will eventually find out, and that will cost you dearly.

As others have said, what you should do depends very much on your circumstances. For example, my OH has a few years contributions to his ex-employer's final salary scheme. He asked an IFA about them - the IFA got as far as finding out the name of the scheme, then said OH should leave the money where it was. He offered to run calculations for us if we wanted, but he also said there was no point because he already knew what they'd show.