Stressed Accountant!! Pension Advice Please

stevetj

Hi! -- I have just quit my job in the Civil Service where I held a pension with JSS for 5 years -- Please could someone explain to me why I can not cash in my pension -- I have been paying £80 / month into this so surely it is my money???? -- I am sorry i really don't understand (probably because not only am I male but also an Accountant!!!!!)

Thanks In advance
Steve:mad:

Footsie_2

Are you planning to retire?

stevetj

No - I am 32, but would rather have the money to split and invest separately.

Footsie_2

Once you place money in a pension it is effectively locked away for your retirement. If people could get at their pension funds there is a real possibility they will withdraw it all and spend it on sweets or a car or something.

You CAN invest your pension monies but you must do this through a pension wrapper, SIPP, Stakeholder etc.

stevetj

Thanks Footsie --- Guess I will have to look again at funding my Mars Bar Habbit!!

Footsie_2

Gordon Brown wants us all to live a wealthy and sugar free retirement

tanith

I am amazed that an accountant wouldn't know that you can't touch pension money until at least 50 and even then it will depend on the rules of the fund..

dunstonh

I have been paying £80 / month into this so surely it is my money???? -- I am sorry i really don't understand (probably because not only am I male but also an Accountant!!!!!)

As an accountant you would understand things like tax allowances. You would also understand that you havent been paying in £80 a month yourself as you had tax relief. You also mention it was civil service so the employer was paying towards your pension as well as getting appropriate relief. There is also the tax free growth (if money purchase).

The Govt doesnt give all these tax reliefs and tax benefits to allow 30 year olds to draw out their old age pensions to spend how they wish.

stevetj

Footsie -- Many thanks for your reply -- Obviously you understand that there are different types of accountants, and not all of us deal with Pensions on a daily basis!! Perhaps other people could do with reading your statement "There is no such thing as a stupid question" -- As all I wanted was an answer to my question NOT to be insulted by other members!!!!!!

meester

stevetj wrote: »

Footsie -- Many thanks for your reply -- Obviously you understand that there are different types of accountants

Evidently.

and not all of us deal with Pensions on a daily basis!! Perhaps other people could do with reading your statement "There is no such thing as a stupid question" -- As all I wanted was an answer to my question NOT to be insulted by other members!!!!!!

That's understandable, but you do rather invite it by headlining things 'Stressed accountant', and then acting confused that you can't claim a pension at 32.....

tanith

stevetj wrote: »

Footsie -- Many thanks for your reply -- Obviously you understand that there are different types of accountants, and not all of us deal with Pensions on a daily basis!! Perhaps other people could do with reading your statement "There is no such thing as a stupid question" -- As all I wanted was an answer to my question NOT to be insulted by other members!!!!!!

I am sorry if you think I insulted you , that was not my intention and I apologise if that is how it came across.. It was just a surprise that someone who has managed to become an accountant ( not something I would be able to achieve) wouldn't know a simple fact about pensions.. I wonder if it was pointed out to you when you signed up for the pension as it is one of the basic facts. Anyway sorry if I appeared to insult you ......