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Private pension - can I cash it in

5 replies 383 views
Hi I have a private pension with Zurich that I set up years ago which I don’t pay anything into anymore. It’s worth over £7,000 and I’m not 55 for another 2 years. Can I cash it in? 
Thanks 😊

Replies

  • GrumpyDilGrumpyDil Forumite
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    Not until you are 55. At that point your options will depend upon what other pensions you have. 
  • Helz123Helz123 Forumite
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    GrumpyDil said:
    Not until you are 55. At that point your options will depend upon what other pensions you have. 
    I work for the NHS and have a pension which I will get when I’m 65 I think. I have read you can transfer a private pension to something else which you then can cash in? Is that not correct? Thanks for your reply 
  • NottinghamKnightNottinghamKnight Forumite
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    Helz123 said:
    GrumpyDil said:
    Not until you are 55. At that point your options will depend upon what other pensions you have. 
    I work for the NHS and have a pension which I will get when I’m 65 I think. I have read you can transfer a private pension to something else which you then can cash in? Is that not correct? Thanks for your reply 
    Not until you are 55 unless you have a very limited life expectancy. Well actually there are plenty of scams which will do this for you, not only will they take your money but hmrc will come knocking for a penalty as you would access against the rules on top of losing your pension.
  • AlbermarleAlbermarle Forumite
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    Helz123 said:
    GrumpyDil said:
    Not until you are 55. At that point your options will depend upon what other pensions you have. 
    I work for the NHS and have a pension which I will get when I’m 65 I think. I have read you can transfer a private pension to something else which you then can cash in? Is that not correct? Thanks for your reply 
    You maybe able to cash it in with Zurich without transferring it . 25% will be tax free and 75% taxable at your usual income tax rate.
    However you will have to wait until you are 55.
  • dunstonhdunstonh Forumite
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    I have read you can transfer a private pension to something else which you then can cash in? Is that not correct?

    Only scammers can do that and they run off with most of your pension.    Typically see their adverts on facebook and other dark and dingy places on the web.   So, no.

    I 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.
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