take out pension

srhoden

i want to take my funds out of my current provider. i wrote to them saying i was planning my retirement sometime this year. they replied telling me i had to get my employers to confirm my date of retirement? i dont know this for certain at the moment but do want to withdraw my funds anyhow. do i have to discuss or tell my employer any of my possible plans? can the pension company refuse to release my funds if i don’t involve my employer-other than to tell them i am leaving the pension scheme? i feel i am (or my money is) being held to ransom. many thanks

dunstonh

i wrote to them saying i was planning my retirement sometime this year. they replied telling me i had to get my employers to confirm my date of retirement?

That is normal.  The employer confirms the date of retirement to the scheme so they can change you from being an active member to an inactive member.

do i have to discuss or tell my employer any of my possible plans? 

Not yet but you will have to tell them sooner or later you are retiring.

can the pension company refuse to release my funds if i don’t involve my employer-other than to tell them i am leaving the pension scheme?

The pension contributions go via the payroll system.   How do you want the employer to stop paying into your pension if you dont tell the employer?

i feel i am (or my money is) being held to ransom. 

There is no point you trying to hold the moral high ground after you told the pension provider a lie to get the information.  You should just be truthful about what you want to do.   Tell them the truth about what you want to do.

Albermarle

Depending on the type of pension, you should be able to withdraw from the pension before you retire.
As said above , just tell the pension provider what you actually want to do and do not say you are retiring when you are not.

srhoden

thanks for the advice. i am retiring just not yet. i will contact the pension provider and just let them know i want my money out - no reason to tell them anything else 😀

Marcon

srhoden said:

thanks for the advice. i am retiring just not yet. i will contact the pension provider and just let them know i want my money out - no reason to tell them anything else 😀

There's really no point in doing that - they won't take any action if they need your employer to confirm that your active membership of the scheme is ceasing. It sounds as if you are in a company (occupational) scheme rather than some sort of personal pension. Could you name the pension provider, which might clarify things - they might actually be the third party administrator for the scheme.

Depending on the type of scheme, taking your money out might not be possible. Any idea what sort of scheme it is - defined benefit (final salary) or defined contribution (money purchase)?

Funkyfreddy

srhoden said:⁷

... just let them know i want my money out....

If it's a DB scheme you don't of course have "my money" to take out....