pension

gavt62

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.

seven-day-weekend

You can't draw any until you are 55. You may be able to transfer it in to another scheme.

PeacefulWaters

gavt62 wrote: »

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.

You can't. You'll probably be 58 before you can.

Why would you want to spend your retirement income today anyway?

gavt62

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.

Your_Hero

gavt62 wrote: »

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.

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.

greenglide

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.

xylophone

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?