How do I sell my pension?

allofushere

I've heard pensions can be sold. Is this true? And if so, how do I go about it?

jem16

allofushere wrote: »

I've heard pensions can be sold. Is this true? And if so, how do I go about it?

No it isn't true.

redbuzzard

allofushere wrote: »

I've heard pensions can be sold. Is this true? And if so, how do I go about it?

Google "pension release" to see what the Pensions Regulator has to say - I can't post a link.

so basically bargepole, touch, don't.

If you're over 55 you can basically take pension benefits (not including your current employers scheme of course) including up to 25% tax free lump sum which would release nominally a quarter of the value - I wouldn't count on getting even that much from some dodgy, unregulated, overseas pension release scheme.

E&OE - just personal opinion, not advice

Edit: Just noticed that the second sticky post answers this question rather well :-)

benalder284

And even if you could - which you can't - why would you want to sell an asset which is designed to provide for you in your old age?

yangptangkipperbang

benalder284 wrote: »

And even if you could - which you can't - why would you want to sell an asset which is designed to provide for you in your old age?

Because I could spend it all now and have good time then expect everyone else to keep me on benefits when I get older - I'm not stupid.............

benalder284

yangptangkipperbang wrote: »

Because I could spend it all now and have good time then expect everyone else to keep me on benefits when I get older - I'm not stupid.............

I not sure I'd want to rely solely on future state provision in my old age if I could possibly help it?

Jack_Griffin

Its up to you if you want a can of baked beans for dinner because that is all you can afford some days.

allofushere

Thanks for all your helpful comments.

mania112

Pension Release is not illegal. Pension Release is a term used by salesman but to describe a legal, normal and straightforward process of releasing cash before retirement (but after age 55).

It's rarely the right thing to do though (because your pension is meant for retirement) and so it is confused with the other thing, which is known as Pension Liberation.

Pension Liberation is the act of selling your pension before it is legal to do so.

There are ways to do it. But you will be soon sent a letter from HMRC with a whopping tax bill.

You would stupid to ever entertain the idea.

It's better just to say 'it isn't possible'.

dunstonh

anyone telling you that you can sell or cash in a pension is telling you lies and its a scam (and there are plenty of scams going at the mo)

taktikback

Judging by your previous posts -you are having a bit of a financial nightmare. Bearing that in mind -I can see why you might think cashing in a pension for some rapid cash might be appealing. You would be better off talking to the CAB and leaving your pension well alone - you certainly won't regret that in 30 years time... best of luck