Taking pension before being made redundant

TigerTrader

Hello all,

I am in need of some guideance. I have been advised that I should take out my private pension @ 55 and then push for voluntary redundancy. I have been with my employer for 11 years.

Is this even possible and what are the implications? I'm struggling to see who benefits? Am I missing something?

saver861

Don't quite get the connection myself.

You are not giving much to go on but my first thought is get the redundancy first and then access the pension if needed. Why would you want to take out your pension before you even know if you get the redundancy or not?

kidmugsy

Is this "private pension" your occupational pension? Is it a final salary scheme or a Defined Contribution scheme?

AnotherJoe

Who gave you this advice?

In any case since you give no useful information, there's nothing to go on. Is your private pension enough to live on and not need to work ever again for example? Do you own a house? Have a mortgage? Have kids?married? Etc etc. Financial decisions don't happen in a vacuum so without knowing the full background, advice is shooting in the dark.

woolly_wombat

TigerTrader wrote: »

Hello all,

I have been advised that I should take out my private pension @ 55 and then push for voluntary redundancy.

That doesn't sound very sensible, and I'm not surprised that you are struggling to see who would benefit.

Who is trying to persuade you to do this? Please be very careful of unsolicited advice - there are lots of scams around that are related to cashing in pensions.