Recently quit my job of 20 years

kworn

Hello all

I have recently quit my job of 20 years and want to go traveling. I would like to cash out the pension but I am only 38. 14 years of the job is final salary and I have quite a large pot of money.

It is at all possible to cash any of this out?

I understand this may have been asked many times bu would like to know my options as I need the money to travel for many years.

Say my pension pot is £150000 how much could I draw from this pot if at all?

Kind Regards

Regards

kworn

I plan on getting a financial adviser to go through this with me as well. Any recommendations?

McKneff

No. Your pension is not accessable till i beleive you are 55. Its a pension saving vehicle, not a savings account where you can just dip into it

economic

Sorry this doesn't answer your question but:

Congrats on quitting your job! Where abouts are you going travelling? Can i ask why such a sudden change?

xylophone

https://www.pensionsadvisoryservice.org.uk/about-pensions/retirement-choices/when-can-i-take-money-from-my-pension

kidmugsy

kworn wrote: »

I would like to cash out the pension but I am only 38. It is at all possible to cash any of this out?

Only if you are so ill that you are close to death.

kworn wrote: »

I plan on getting a financial adviser to go through this with me as well.

Don't waste your time and money. Your pension is inaccessible.

kworn

OK thank you

I was given 4 choices of what to do with my original pension as I have 2.

The original pension lasted 14 years which is final salary and was stopped and now my company the RNLI has full control over it. Then the new pension which is 6 years old and is with Aviiva.

The choices for the original pension are as follows:

- Leave your benefits in the plan
- Continue to pay contributions to the plan (if the law allows) although the RNLI contributions will stop
- Transfer your fund to another pension arrangement
- Or Draw your pension from this plan

Now the last one has me confused and do not know what it means? Can anyone help please?

Thank you

kworn

I just simply have had enough.

I hit my 20 years and want to move on.

I have my last 3 months to work through but I have no job to go to. I plan on doing contract work instead.

GunJack

kworn wrote: »

OK thank you

I was given 4 choices of what to do with my original pension as I have 2.

The original pension lasted 14 years which is final salary and was stopped and now my company the RNLI has full control over it. Then the new pension which is 6 years old and is with Aviiva.

The choices for the original pension are as follows:

- Leave your benefits in the plan
- Continue to pay contributions to the plan (if the law allows) although the RNLI contributions will stop
- Transfer your fund to another pension arrangement
- Or Draw your pension from this plan

Now the last one has me confused and do not know what it means? Can anyone help please?

Thank you

The last one there says to me that you will draw the pension as intended, when you hit the scheme retirement age (or earlier with actuarial reduction, but still within the scheme rules). It will revalue in deferment probably by something like CPI each year.

AnotherJoe

kworn wrote: »

OK thank you

I was given 4 choices of what to do with my original pension as I have 2.

The original pension lasted 14 years which is final salary and was stopped and now my company the RNLI has full control over it. Then the new pension which is 6 years old and is with Aviiva.

The choices for the original pension are as follows:

- Leave your benefits in the plan
- Continue to pay contributions to the plan (if the law allows) although the RNLI contributions will stop
- Transfer your fund to another pension arrangement
- Or Draw your pension from this plan

Now the last one has me confused and do not know what it means? Can anyone help please?

Thank you

Yes the last one is poorly worded. What it should say is "draw your pension from this plan when you are eligible to under the pension rules.

Silvertabby

OP - in a nutshell, the earliest you can access your pension benefits (except in the case of serious ill health) is currently 55.

Anyone who tells you otherwise ("there's a loophole that the government don't want anyone to know about....") is a liar and a scammer intent on trousering all or most of your pension.