BRASS fund taking early.

choochoo1

I currently have around £10k in my BRASS fund and I am 20 years from retirement.

I pay £35 per week into the fund.

I was looking at taking the BRASS fund and investing in a different long term investment fund as well as putting the £35 per week into the same long term investment.

My question is : Can i take out my BRASS funds now and re-invest elsewhere, or are they just frozen (if i stop paying into it) until retirement.

thanks

xylophone

https://www.railwayspensions.co.uk/Resources/Client/PML.RailwayPensions/Templates/PortalHome.aspx?DocID=2726&
Try here?

scottishgraeme

Hi there I am an IFA who who owns a firm and specialises in the railway industry, caution should be taken in either reducing or BRASS (if you have matching contributions) as it is very likely you will lose this benefit. normally BRASS funds carry a guaranteed annuity rate of 12:1 it is very unlikely you will ever find this guarantee on the open market through a personal pension plan. BRASS even without matching is still a very attractive retirement vehicle.

scottishgraeme

Also your question, you cant take your BRASS funds without taking your main pension so thats minimum age of 55, but take professional advice before you consider this

gamston

with BRASS the rules have changed in last few years the conversion rate is 15 or 16 to 1 since around 2010, so the conversion rate is not so good
with 20 years to go and part of the money you put matched I would look at staying put and taking a lump sum at the end
I would watch the investment funds you are in regularly and make sure you are in the best performing funds, changing yearly if nessacey
I left my in poor funds and look back now and see i could be £20-30,000 better off if i had changed funds into the best funds every few years