Any suggestions for pensions less than £10,000 transfer value, what can i do with them please?

dimdoris

Hi I've 3 small (under £10k transfer value) private pensions, ideally I'd like to cash them in to help towards buying my ex out of our family home, but I gather this cannot be done? Can I transfer them for a deposit to buy/mortgage a property via a SIPP or SSAS. I am female aged 53 with kids 16 and 18 (at uni). Any ideas welcome. 

NedS

You can not access the cash until aged 55.

What you may be able to do is transfer the pensions (or part thereof) to your ex-partner as part of any settlement. However, they will have the same issue in that they will not be able to access them in cash terms until aged 55. Others may have some other suggestions for you.

AnotherJoe

So you've only got about 18 months to go? And you'd have to pay 20% tax on some of it.

Presumably you are earning, how much (because taking it all in one go might move some of it to 40% tax)?

dimdoris

Yes self employed basic rate tax payer, I was just focused on 'how can I find the shortfall to buy family home' I can cover the mortgage just the equity I require and i'm  only just gone 53. Perhaps I should wait 2 years, but I will look further at transferring the pensions as an option. Always good to get another perspective thank you.

Brynsam

NedS said:

What you may be able to do is transfer the pensions (or part thereof) to your ex-partner as part of any settlement. 

You most certainly can't!

bowlhead99

Brynsam said:

NedS said:

What you may be able to do is transfer the pensions (or part thereof) to your ex-partner as part of any settlement. 

You most certainly can't!

If it's a divorce from a spouse or civil partner, all assets are fair game and you can split up the marital assets however you both agree - a pension sharing order from a court can allow one partner to end up with the other partner's pension assets and the other partner end up with a greater stake in the family home or other assets.

If they were just cohabiting with their ex (not a spouse / civil partner) and there's no divorce / annulment situation going on, then you're right that you can't just give someone your pension and make it theirs.