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Can I cash in pension early
emjay75
Posts: 2 Newbie
Hi,
I worked for HBOS for 11 years and paid in to a pension for that time. Can anyone tell me if I could cash in that pension as a lump sum now? I am 32.
Thanks
Em
I worked for HBOS for 11 years and paid in to a pension for that time. Can anyone tell me if I could cash in that pension as a lump sum now? I am 32.
Thanks
Em
0
Comments
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No. not untill you are 55 at the earliest. HBOS's rules may specify a later age0
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Hello, by coincidence I was looking for info with regards the same line of enquiry and also worked for Bos/Hbos for 12+ years until I found the escape hatch!!:j BOS staff were not included in staff pension until 20th birthday and as I started as a school leaver this seemed a bit dubious to me as I had still worked the 3 years of bank service in-between that time!! Left the bank and pension scheme in april 2000 with 100 months pensionable service, am now 37. Realised I couldn't cash my pension in but someone mentioned to me that it is possible to sell your pension??
. Hence my search for info! so if anyone can give some advise on this please do!! 0 -
mookychook wrote: »Hello, by coincidence I was looking for info with regards the same line of enquiry and also worked for Bos/Hbos for 12+ years until I found the escape hatch!!:j BOS staff were not included in staff pension until 20th birthday and as I started as a school leaver this seemed a bit dubious to me as I had still worked the 3 years of bank service in-between that time!! Left the bank and pension scheme in april 2000 with 100 months pensionable service, am now 37. Realised I couldn't cash my pension in but someone mentioned to me that it is possible to sell your pension?? . Hence my search for info! so if anyone can give some advise on this please do!!
:eek: SELL YOUR PENSION :eek: even if you could :eek: , which I doubt, don't do it... :eek:#6 of the SKI-ers Club :j
"All that is necessary for evil to triumph is for good men to do nothing" Edmund Burke0 -
I'll sell you mine. Only problem is you'd be a mug to buy it as a pension cannot legally be assigned so you'd only have my word for it that I, my spouse and my beneficiaries pass on the benefits I chose and receive to you.0
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You cannot sell a pension.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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Dunstonh is right, I could sell it but it'd still legally be mine no matter what agreement was entered into with the buyer so in law although money may have changed hands the sale is void. Much the same as if you bought stolen goods as with a pension you dont actually own it in the first place it's in a trust.0
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mookychook wrote: »someone mentioned to me that it is possible to sell your pension?? . Hence my search for info! so if anyone can give some advise on this please do!!
They may have been thinking of Endowment Policies which can be sold0
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