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help needed with pension!!
tubby1079
Posts: 4 Newbie
Hi
I currently have 2 pensions, one with my current employer and with a previous employer. The one with the previous employer is worth approx £3500. I have been told by the company who looks after the pension that i cant cash it in even though i had it for less than 18 months. I was wondering if i could do any of the following:
1. Transfer the pension to a private policy and then cash it in?
2. I owe my dad some money, so can it be transferred to his pension or his name?
Thanks any help is appreciated as this is all new to me.
I currently have 2 pensions, one with my current employer and with a previous employer. The one with the previous employer is worth approx £3500. I have been told by the company who looks after the pension that i cant cash it in even though i had it for less than 18 months. I was wondering if i could do any of the following:
1. Transfer the pension to a private policy and then cash it in?
2. I owe my dad some money, so can it be transferred to his pension or his name?
Thanks any help is appreciated as this is all new to me.
0
Comments
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1. Transfer the pension to a private policy and then cash it in?
you cannot do that.2. I owe my dad some money, so can it be transferred to his pension or his name?
or that.
The Govt gives tax breaks for pension contributions (for both employer and employee) and they do that because it ties your money up until retirement.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.0 -
can i just transfer it to a private pension plan then?0
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If that is what you want to do and if you think its the best thing.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.0
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