Cashing in or borrowing against offshore pension

desperate_times

I have a pension from my previous employee sitting in a trust in Jersey. It was set up before the changes to offshore pension rules in 2006 at which point it was closed to new members and new contributions.

I will soon be 46 and the plan rules state I an entitled to cash out the pension at 50. The investments currently worth £31,000 are in various liquid money market and equity assets.

I am in a desperate financial situation and trying to find a way to access this money before turning 50. I am trying to see if due to my current health the trustees will release the money early (they are considering) but if not is there a way to borrow against or somehow access this money? Any advice much appreciated.

atush

Your pension is subject to jersey law, not UK law so call them.

But there are better ways to get out of debt rather than impoverish your future self. Once you get your hands on the money, it is open season to your creditors but it is safe from even bankruptcy where it is.

Try Citizens advice, the consumer credit counseling service, and the Debt Free boards.

desperate_times

atush wrote: »

Your pension is subject to jersey law, not UK law so call them.

But there are better ways to get out of debt rather than impoverish your future self. Once you get your hands on the money, it is open season to your creditors but it is safe from even bankruptcy where it is.

Try Citizens advice, the consumer credit counseling service, and the Debt Free boards.

Thanks for the reply. Call who? Already in touch with pension firm themselves but wonder if another option if they say no.

I have other pensions and long-term investments which definitely can't touch so future is ok. The problem is cash flow right now...

atush

No other option if it isn't allowed. Like I said, it is under Jersey law which may differ from current UK law.

Reduce your outgoings, or borrow against assets I guess.