some help with Pension

cmax_2006

Hi Guys and Girls,


Few days ago I was talking to my mother and she has been told she could get at least 25% from her Pension early if she wanted she asked me to find out what to do next, what I have read online you need
to be 55 or over to get this? if this is right she is 59 and still works at her job would she still be able to
get this,




the Questions she asked me to find out are,


if she can get this what does she need to do to get the ball rolling and how long would it take to get paid out as she would like to do up the house and have some weekends away with the grand kids and spoil them ect




many thanks and I hope I have put this in the right place


thanks
Max

PeacefulWaters

What type of pension does she have?

What does she intend to live off when she retires?

atush

Basically, if a DC or personal pension she can take the 25% TFLS now.

But why, when she is still working does she want to? AS it is best left to when you actually retire?

And she might, depending on her scheme, have to transfer the pension to do this.

cmax_2006

hi


am not sure what type she has I will find out, she just wants a cash boost so she can do a few things with it
she has no credit cards and no loans she wont go down that route her thing is if you don't have the money
you don't buy it until you have it,


this is just a idea as she don't have to pay it back as its hers if you know what I mean.


thanks

missbiggles1

cmax_2006 wrote: »

hi


am not sure what type she has I will find out, she just wants a cash boost so she can do a few things with it
she has no credit cards and no loans she wont go down that route her thing is if you don't have the money
you don't buy it until you have it,


this is just a idea as she don't have to pay it back as its hers if you know what I mean.


thanks

Tell her she doesn't have the money.

dunstonh

you don't buy it until you have it,

What is she going to do in retirement then when she doesnt have it because she borrowed it in her working years?

atush

Basically, taking some of her pension now, when she is working and paying tax, for 'fun' spending is borrowing from her future self and spending money now she may need to live on in future years.

Does she currently have a pension at work, and is she paying in? Does she not have other savings to splurge with?