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Personal pension
Agriffiths
Posts: 3 Newbie
So at the age of 47 I have a personal pension pot size £34k I would like to remove £25k and invest it into a property and with the remains balance transfer into another pension I have , can I remove the totally amount and do this or can this be done another way
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Comments
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You cannot access your pension funds until (currently) you are 55. Anyone that says they can do it "another way" is a scammer.
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Commercial property?Agriffiths said:So at the age of 47 I have a personal pension pot size £34k I would like to remove £25k and invest it into a property and with the remains balance transfer into another pension I have , can I remove the totally amount and do this or can this be done another wayGoogling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
Quite right - but if it's a SIPP which permits the holding of commercial property...molerat said:You cannot access your pension funds until (currently) you are 55. Anyone that says they can do it "another way" is a scammer.Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!0 -
It’s going to be a property to let I was thinking off doing with the funds0
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Assuming that means you want to take the cash and buy a BTL house then no you can't.Agriffiths said:It’s going to be a property to let I was thinking off doing with the funds
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Your pension pot is already quite small for your age , so maybe you should be thinking about adding more to it instead ?0
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You can't. There are no ways to achieve that with this pension money.Agriffiths said:It’s going to be a property to let I was thinking off doing with the fundsI 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.0 -
While agreeing that accessing pensions at 47 is unlikely to be sensible even if it was possible, OP has more than one pension:Albermarle said:Your pension pot is already quite small for your age , so maybe you should be thinking about adding more to it instead ?Agriffiths said:So at the age of 47 I have a personal pension pot size £34k I would like to remove £25k and invest it into a property and with the remains balance transfer into another pension I have , can I remove the totally amount and do this or can this be done another way1 -
OK , MIssed the bit about another pension .0
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Thanks for the reply’s I thought it may be impossible but worth asking many thanks to everyone0
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