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NHS pension
Mascarat
Posts: 1 Newbie
I receive a monthly NHS pension of £900.00. Can I sell this pension for a lump sum? I'm 52 years old and could do with cashing this in.
Advice appreciated!
Advice appreciated!
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Comments
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I don't think this is possible in any legal/official way, although I stand to be corrected by others more knowledgable. Rather concerning, though, is why do you want to?0
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Why is this pension already in payment?0
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You can take an actuarily reduced NHS pension from age 50 I believe. Although this is only for people very close to that age, the new pension arrangements move this Early Retirement Age to 55 I would have thought.0
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You don't say why you're receiving your pension at such a young age...
As a former NHS employee I know some professionals can do this. But surely you recieved a tax free lump sum (x3 pension) when you started to get the pension. Depending on when you were employed in the NHS you may hve been able to opt for a larger lump sum and lower pension.
I'm pretty sure these is no way you can legitimately turn the pension back into a lump sum once payment has begun. The NHS pensions authority are the folk to consult to confirm this.Once it's gone, it's gone - so remember...
Pay for the things you need before you dream about the stuff you want :think:0 -
I receive a monthly NHS pension of £900.00. Can I sell this pension for a lump sum? I'm 52 years old and could do with cashing this in.
Well, yes.
You might be able to borrow money against the future income stream. That effectively turns a monthly payment into a lump sum.
Pensions are tricky to secure loans against though, because pensions generally can't be assigned to another person -- so no court order can be made in favour of the lender regarding the pension income if you default on the loan.
If you manage it, expect to pay a high rate of interest.
Warmest regards,
FAThus the old Gentleman ended his Harangue. The People heard it, and approved the Doctrine, and immediately practised the Contrary, just as if it had been a common Sermon; for the Vendue opened ...THE WAY TO WEALTH, Benjamin Franklin, 1758 AD0 -
A loan alongside a life insurance policy should do it.
I doubt that you will manage it for the entire income stream however unless you have significant other income.0
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