Can i transfer my pension and take some money out?

greener78

Hi all,new to the forum and would like to no if anyone can help me please,I'm 34 years old with a private pension of around £8k,i was self employed but work has dried up and money is tight.

I have spoke to many of these "pension companies" who say they can release cash for me from my pension?
How do they do this as i have been told if you are under 55 this can not be done or if your pension is under 10k.

If anyone can help,that would be great as i would really like to get my hands on just a small part of this to help out with bills and the family.

Cheers all

Dan

somethingcorporate

Read this thread here: https://forums.moneysavingexpert.com/discussion/3447527

The answer is no, unless you are dying.

Any company that suggests you can is going to end up breaking HMRC rules and it will be you that has to pick up the pieces.

Leave it where it is, future you will thank present you.

thenudeone

You can't get money out until you reach 55 (unless you have a serious illness and a reduced life expectancy)
https://forums.moneysavingexpert.com/discussion/3447527

Anyone who claims they can get it for you is acting illegally and will take about half the money in fees (according to last week's BBC Radio 4's Moneybox programme).

What they don't tell you is that HMRC will eventually catch up with the payment, which is outside HMRC rules, and apply a 55% tax charge based on the original scheme value. The directors of the dodgy scheme will long since have disappeared meaning YOU will have to pay the tax charge. You'll actually be out of pocket and with no pension for your retirement either.

mania112

Assuming you're fit and well, the answer is no.

Anyone telling you they can is acting outside of the regulators rules and when HMRC find out they will hit you with a big bill.

The 'under £10k' thing is actually for total pensions under £18k but for this 'triviality' feature you have to wait until age 60.

Standard 25% tax free cash from your pension (and income) can be taken from age 55.