We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
pension
Options
gavt62
Posts: 2 Newbie
Hi I was in a works pension for 14 years, this pension has stopped in 2009.i am 39 years old now, im just wondering if I could cash out this pension now.or will I have to wait until im older.thanks.
0
Comments
-
You can't draw any until you are 55. You may be able to transfer it in to another scheme.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
You can't. You'll probably be 58 before you can.Hi I was in a works pension for 14 years, this pension has stopped in 2009.i am 39 years old now, im just wondering if I could cash out this pension now.or will I have to wait until im older.thanks.
Why would you want to spend your retirement income today anyway?0 -
I don't want to cash it out,but more than meets the eye to this story.my old pension they can not afford to keep all the money of people who worked for the company.its been froze since 2009.there representives are coming into my work place to discuss the situation.now if it was only a transfer from one pension to another they would not need to come onto work to see me.0
-
Ok a transfer is very different to cashing out. It sounds like an occupational scheme you are referring to, not sure if DC or DB, but this is a specialist area and you probably need to seek professional advice from an IFA regarding this.I don't want to cash it out,but more than meets the eye to this story.my old pension they can not afford to keep all the money of people who worked for the company.its been froze since 2009.there representives are coming into my work place to discuss the situation.now if it was only a transfer from one pension to another they would not need to come onto work to see me.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
my old pension they can not afford to keep all the money of people who worked for the company.its been froze since 2009.
The "money" is held by the pension scheme, not the employer. If it is a final salary / defined benefit scheme then the scheme will be run by trustees and the company, ultimately, is responsible for the scheme's upkeep. Should the company go bankrupt the scheme becomes the responsible of the pension protection fund who will "rescue" it. It may be that the employer is going to offer you a financial inducement to move the benefits elsewhere. If so you need to consider this very carefully as the pension scheme could be extremely valuable to you.
Be very careful.0 -
froze since 2009.
What exactly do you mean by this? Do you mean that the scheme is winding up?
http://www.pensionsadvisoryservice.org.uk/security-of-pensions/your-scheme-is-winding-up
Or is the pension scheme closed?
Was this a final salary/defined benefits scheme?
What pension arrangements will the company put in its
place?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards