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Can I cashout my Friends Life retirement fund?

TheLearner2008
Posts: 145 Forumite


Hi there,
I have a Friends Life retirement plan - not sure if I am using the correct terminology.
Anyway can I cash out the full amount now or how does it work? I am only 31.
Cheers
I have a Friends Life retirement plan - not sure if I am using the correct terminology.
Anyway can I cash out the full amount now or how does it work? I am only 31.
Cheers
Debt 1 June 2017: £35,000.00 ~ Debt now: £10,000
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Comments
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Anyway can I cash out the full amount now or how does it work? I am only 31.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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The standard legal restriction for personal pensions is money can only be taken out under one of these situations:
1. If you are at least 55 years old.
2. If you are diagnosed with a medical condition that gives you a year or less life expectancy according to your doctors.
3. If you are dead, when your beneficiaries get the pension pot.
You can't change your age and fatal illness or death are not desirable routes.
If you want to have more accessible investments for possible use for retirement income generation, consider use of investments within a stocks and shares ISA instead.0 -
The clue is in the word 'pension': when starting the contract, you committed to leaving the funds until you reached the minimum pension age which is currently 55yo.
Did you take advice before you started the pension?0 -
TheLearner2008 wrote: »But this is a personal pension that I started, its not associated with any employer or anything like that.
Pensions are subject to tax relief on their contributions, which is why you can't cash out early (otherwise you would be avoiding tax). Where the money actually came from is irrelevant.
They are also intended for retirement provision, not as a fund to dip into.urs sinserly,
~~joosy jeezus~~0 -
I'm still trying to work out the difference between cashing in and cashing out.
Tricky stuff the finance business.0 -
I'm still trying to work out the difference between cashing in and cashing out.
Tricky stuff the finance business.
No difference as neither term apply to pensions. Although I think I may be missing something given your smileyI am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
No difference as neither term apply to pensions. Although I think I may be missing something given your smiley
I guess sarcastic irony does not work very well when typed!
Being a maverick I sometimes fill-in forms when they clearly say to fill them out.
.....and you know what, sometimes nobody notices.0 -
I sometimes fill-in forms when they clearly say to fill them out.
Recently I cut a tree down, and then I cut it up.This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com0 -
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