Can receive my pension at 35 advice needed. Help!!

FrankFidler

I can receive my pension at 35 I took it out in 2000 when I was a pro footballer so I had special dis compensation.

I am now 33 so getting close.

Actually have one with Standard Life worth around 8000 and one with St James Place worth around 14000 I haven't paid much into them the last 5 years due to financial difficulty.

I want to know what I can do when I turn 35 I would love to take it all out in a lump sum badly need it but can I do this? and if so do I pay penaltys or tax?

Can I only take 25%?

I am currently unemployed.

Advice most welcome!

Thanks

jamesd

If you have a pension that is specifically aimed at those in limited career jobs it is possible to have a pension that can be taken at 35. What you can take and when will depend on the terms of the specific pension so you'll need to contact the pension plan administrators to check the rules that apply to you. It's very unlikely that you would be able to take it all as a lump sum.

FrankFidler

It is clearly stated in both that my retirement date is Oct 2015 and all the statements I receive state that. I see there was a change in 2006 and then 2010 but mine was taken out in 2000?

I will ring them both on Monday to see.


Thanks

mania112

I was recently involved with 3 players (i wont name drop!) who moved their Footballers pension.

It works like many other Final Salary pensions just with an exceptionally low retirement age (35).

At 35 you have the option to either take a pension, or take a lower pension with a tax free lump sum.

If you don't want the taxable income you would need to transfer with at least 2 other 'buddies' to maintain the lower retirement age, otherwise you'd need to wait until the normal retirement age (55).

Hence why we moved 3.

EDIT: I assume there's only 1 footballers pension - these guys were in the PFA Players Pension (or something like that).

EDIT2: It's slowly coming back to me - I think one of the players/members wanted to take the maximum 25% tax free cash, and the PFA scheme didn't allow it. Hence his request. He had 2 buddies who were happy to move with him. It was really complex and took months and months, so you're better off just going with one of the options the scheme will offer you.

atush

And it would be wise to consider what you will live on when you are older. You are unemployed now, but young enough to retrain/get a job.

You won't have those same options at 65-70 ie normal retirement age.

[Deleted User]

FrankFidler wrote: »

It is clearly stated in both that my retirement date is Oct 2015 and all the statements I receive state that. I see there was a change in 2006 and then 2010 but mine was taken out in 2000?

"The Professional Footballers pension scheme was reformed in 2006, with the normal retirement age increased to age 55 for new members. However, anyone who joined the scheme before April 6, 2006 is still able to draw their entire fund at 35." (source)

So yes, your pension date of October 2015 is correct if your pension was started before 2006.

FrankFidler

It's not with the PFA does that matter?


Thanks for replies guys.

jamesd

Probably not a problem given the specified retirement date. But you must check the scheme rules. Too much possible variation for us to give any really decent answers beyond that.

The story linked to by citricsquid suggests that you might be able to take it all out. Just depends on the scheme rules.

atush

Go on, take it all out.

Then what happens next year and the year after?

FrankFidler

Thanks guys appreciate the advice.

Still have not heard back from said company's ie what I can do when I turn 35.

shop-to-drop

citricsquid wrote: »

"The Professional Footballers pension scheme was reformed in 2006, with the normal retirement age increased to age 55 for new members. However, anyone who joined the scheme before April 6, 2006 is still able to draw their entire fund at 35." (source)

So yes, your pension date of October 2015 is correct if your pension was started before 2006.

Please tell me it's not tax free? How could that be fair.