Cashing in part-pension

charlton6

Can anyone please advise? My husband is cashing in part of his pension (about £11,000) with a Company but they insist he can only have it in Capital Bonds, not cash! Does this sound right to you? They said there had been a change in the law and this is how he had to receive his money. Any advice would be appreciated.

molerat

Sounds like another pension liberation [text removed by MSE Forum Team] to me, spouting non existent laws is a bit of a give away. Don't do it, there is a fair chance this is an illegal transfer and will end in tears with your oh losing most of his pension and facing a big bill from the tax man on top.

Yorkie1

I agree.

What's the name of the company?

McKneff

[text removed by MSE Forum Team] You cannot cash in a pension or any part of by law until you are at lease 55 years of age. An then you can only get a lump sum of 25%. So don't fall for it.

Any one even attempting to is doing it illegally.

bigfreddiel

charlton6 wrote: »

My husband is cashing in part of his pension.......

[text removed by MSE Forum Team] - why is your husband cashing in a pension - surely he knew a pension can not be cashed in till 55yrs old - thats the whole point of a pension - if he had wanted access to the investment he would have put it elsewhere?

cheers

fj

charlton6

The Company is AI or IA SOLUTIONS. Does that ring any bells with anyone?

Thanks for your comments so far...I should've joined this site ages ago!

Yorkie1

This company?
http://www.aisolutionsonline.com/index.html

Forestry in the Caribbean? Doesn't look regulated to me. I'd avoid with the proverbial barge pole.

atush

Oh Dear. Hope your OH hasn't signed anything,. If he has, be on the phone the min they open Tuesday. And send emails as well. All asking they don't proceed as you recind your instruction.

dunstonh

They said there had been a change in the law and this is how he had to receive his money.

There has been no change in the law regarding pensions.

My husband is cashing in part of his pension

He cannot lawfully do that. [text removed by MSE Forum Team]

charlton6

Oh dear, it ain't looking good is it! Better break the news to my hubby! He's signed all the papers!!!

charlton6

The circumstances are.
I have two local authority pensions that are frozen and worth jointly 140K in transfer value, AI Solutions claim that they will re invest by transfer into a new pension making 10% pa. As part of the transfer AI Solutions will pay me 11000 in capital bonds from there marketing fund. aisolutionsonline.com

Has anyone got any facts to share reguarding this process and Ai Solutions.

Thanks for the comments so far. Being new to such forums any help will be great, Thanks again