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New pension rules
tommytynan123
Posts: 482 Forumite
Now - I am a financial dino and it seems my brother-in-law is one also. He fired a question at me and I said ''havn't got a clue''
He is 56 and is drawing a pension from his last major job (Railways) in a similar way that I am (59) from the Civil Service. Both of us took the pension on offer at the time as part lump and part pension.
His question was ''can I now go back to that pension (occupational) and cash in my monthly income for a lump sum?''
He is 56 and is drawing a pension from his last major job (Railways) in a similar way that I am (59) from the Civil Service. Both of us took the pension on offer at the time as part lump and part pension.
His question was ''can I now go back to that pension (occupational) and cash in my monthly income for a lump sum?''
0
Comments
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No; the new pension rules apply to "money purchase"/"defined contribution" pensions, not "defined benefit"/"final salary" pensions.
But if I've misunderstood and the pension in question is "money purchase"/"defined contribution", then his best hope is that the Conservatives win the election and that Mr Osborne's proposal that people be allowed to sell their annuities is adopted. He has warned that the idea wouldn't suit most people anyway, mind.Free the dunston one next time too.0 -
His question was ''can I now go back to that pension (occupational) and cash in my monthly income for a lump sum?''
No.
1 - you cant
2 - even if you could, it would be a very poor decisionI 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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