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Pension Release ?
Nobber_2
Posts: 19 Forumite
Hello, not sure whether anyone can advise me here, I have a personal pension from my previous job which I have not paid into since 1998, I am 51 and the fund stands at 28k I would like to release all the money and spend it!
is this possible and how do I go about doing it
thanks
Nobber
is this possible and how do I go about doing it
thanks
Nobber
0
Comments
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No it's not possible. As you are 51 you can have 25% tax free cash just now.0
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Not possible, although as you are over 50 you may be able to take a proportion of it as a lump sum (I think 25%) and the rest as a monthly pension.
You need to contact the Pension Fund administrators to find out their rules.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
It is worth noting that taking the money now means you dont get a second bit of the cherry in your 60s. Your fund could potentially double twice in value between now and then but you wont be able to take another 25%. You will be reducing your retirement benefits.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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thanks for the replies0
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