Need Advice - Need Access to Nest Pension Funds at 50

HughJands

Hey guys, looking for some advice and guidance if possible, here is my thing...

I just turned 50, I am currently unemployed after being made redundant from a 20 year stint.

I am working on some things but I need more time to put things together, and I am running short on funds.

My question, is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

I understand the risks, no there is no other monetry option, yes I could get a !!!!!! job to buy me some time but it would also increase the amount of time for me to get my other thing going, it may even nulify it altogether

This is the only pertinent question... is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

Albermarle

You can not withdraw these pension funds until you are 55 ( rising to 57 in 3 years time ) 
It does not matter who you transfer them to .

You may come across people on the internet, who say they can 'liberate' your pension earlier than that. However these are effectively scams and HMRC come down heavily on any body accessing their pension money early and you could lose the lot.
So forget it. 

El_Torro

Short answer: No, it is not possible. 

You could access the money now if you have a very serious illness and you are not expected to live much longer. Hopefully that isn't the case. 

Grumpy_chap

HughJands said:

Hey guys, looking for some advice and guidance if possible, here is my thing...

I just turned 50, I am currently unemployed after being made redundant from a 20 year stint.

I am working on some things but I need more time to put things together, and I am running short on funds.

My question, is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

I understand the risks, no there is no other monetry option, yes I could get a !!!!!! job to buy me some time but it would also increase the amount of time for me to get my other thing going, it may even nulify it altogether

This is the only pertinent question... is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

No.  You cannot access the pension funds yet.

How much redundancy payments did you receive?

What is your next plan?  How much time and money does that require?

Have you claimed any benefits to which you may be entitled?  nJSA is available assuming you are treated as having NI contributions, which it sounds as though you will be, and is not means tested.

HughJands

Grumpy_chap said:

HughJands said:

Hey guys, looking for some advice and guidance if possible, here is my thing...

I just turned 50, I am currently unemployed after being made redundant from a 20 year stint.

I am working on some things but I need more time to put things together, and I am running short on funds.

My question, is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

I understand the risks, no there is no other monetry option, yes I could get a !!!!!! job to buy me some time but it would also increase the amount of time for me to get my other thing going, it may even nulify it altogether

This is the only pertinent question... is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

No.  You cannot access the pension funds yet.

How much redundancy payments did you receive?

What is your next plan?  How much time and money does that require?

Have you claimed any benefits to which you may be entitled?  nJSA is available assuming you are treated as having NI contributions, which it sounds as though you will be, and is not means tested.

Redundancy payment is my business only

Next plan is my business only

JSA is nothing, it would not even pay my half of a mortgage let alone all other insurance, bills, living costs. No idea how anyone can make JSA work

Appreciate the input, if no is the answer that's all I need to know, thank you all

SVaz

Google would have told you that the answer is No,  so why go to the bother of creating an account here and getting all snippy when people ask for pertinent information?  

EnPointe

SVaz said:

Google would have told you that the answer is No,  so why go to the bother of creating an account here and getting all snippy when people ask for pertinent information?  

OP got snippy  because they didn't get the answer they wanted ...  

El_Torro

If the OP doesn't want to give additional information that's fair enough. 

Hopefully they don't ignore Grumpy_chap's point about benefits though. Even if they don't cover all expenses it might give some additional time. 

HughJands

I wanted to check to be sure. I'm not being snippy in the slightest, I just want to keep my business to myself. I needed financial advice and I was told this would be a good place to come and ask. I forget however that humans still roam these forums, and you will always do your best to  belittle anyone you can at any time 

Good to know that this is not the place to come in future

Marcon

El_Torro said:

Short answer: No, it is not possible. 

You could access the money now if you have a very serious illness and you are not expected to live much longer. Hopefully that isn't the case. 

You can also access on ill health grounds with no minimum age if you meet a scheme's criteria for ill health early retirement. You don't have to be so ill that life expectancy is shortened. 

Grumpy_chap

HughJands said:

Grumpy_chap said:

HughJands said:

Hey guys, looking for some advice and guidance if possible, here is my thing...

I just turned 50, I am currently unemployed after being made redundant from a 20 year stint.

I am working on some things but I need more time to put things together, and I am running short on funds.

My question, is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

I understand the risks, no there is no other monetry option, yes I could get a !!!!!! job to buy me some time but it would also increase the amount of time for me to get my other thing going, it may even nulify it altogether

This is the only pertinent question... is it possible for me to transfer the funds from my Nest pension over to another pension provider, where I can then withdraw all of the money in one lump sum and use it to buy me time.

No.  You cannot access the pension funds yet.

How much redundancy payments did you receive?

What is your next plan?  How much time and money does that require?

Have you claimed any benefits to which you may be entitled?  nJSA is available assuming you are treated as having NI contributions, which it sounds as though you will be, and is not means tested.

Redundancy payment is my business only

Next plan is my business only

JSA is nothing, it would not even pay my half of a mortgage let alone all other insurance, bills, living costs. No idea how anyone can make JSA work

Appreciate the input, if no is the answer that's all I need to know, thank you all

That's a fairly abrupt and ungrateful answer but we try to be nice (and forgiving) here so I will still try to continue to assist.

You don't need to share details you don't wish to, but the questions I asked all had a purpose to them.

With regard to the redundancy after 20 years, that would normally be a tidy sum yet your opening post also said you were running short on funds.  If your total funds exceed £16k, then means tested benefits are not available to you.  For many, having over £16k would not be "running short on funds".

Again, the future plan money and time required to get it going has an impact on the best next steps.  If you have <£16k and the plan needs £16M plus 2 years to get going, the plan is probably a non starter.  If the plan needs £50k and 3 months and you can put in half, then funding routes might be more achievable.

Your dismissal of JSA is also rather negative.  If you claim and receive the £90 per week, everything else you have will stretch just a bit further, just a bit longer.  If you get a good Work Coach they might also be able to introduce you to other support (which might be practical rather than pure money).  The support from a Work Coach can be influenced by the reaction they get - if an individual throws their efforts right back at them, well, the Work Coaches are humans too.  It seems some people dislike humans.

Anyway, you got the answer you wanted, which in a word was "no".

I don't see where anyone belittled you, but it is your choice to see ill intent where none exists.

I hope the new venture works out for you.