Can I "cash-in" my personal pension somehow ?

casterman

You're right about the 5 year rule - but the problem is some people are telling the QROPS advisers they have been non-resident for 5+ years when they haven't. These are the people who are opening themselves up to the HMRC's 55% tax regime.

Just wondering, though, what happens if someone has been non-resident for 5 years, cashes in pension all above board and then returns to the UK in the future

dawn1331

how can you release your pension without having to pay a large amount to hmrc? i am 49 and have a pension of just over 18000 and want to release it, can this be done?

Proxy

dawn1331 wrote: »

how can you release your pension without having to pay a large amount to hmrc?

You can't.

i am 49 and have a pension of just over 18000 and want to release it, can this be done?

No.

atush

And read the sitcky at the top of the page (ie Can I cash in MY Pension) instead of bringing up a 4 yr old post.

paulhereford

Maybe the current financial climate and an inadequate FSA possibly leave people in pension schemes seriously questionning whether years of investment is worth it and want a refund of said investment less any tax liability. I am looking at this myself as I cannot see that the pension 'investments' that I have will provide me with anything like the returns that I expected when the policies started. Yes I know that there are never any guarantees regarding returns but unlike the banks/financial institutions we the tax payer do not benefit from government bailouts when things go wrong.

dunstonh

Maybe the current financial climate and an inadequate FSA possibly leave people in pension schemes seriously questionning whether years of investment is worth it and want a refund of said investment less any tax liability.

The current financial climate for the average consumer is no different to any other generation that has gone through the same or worse. Recessions happen nearly every decade. This is why you build up savings during the good years. Having a rainy day fund. A pension is not for short term spending needs. That is what your emergency fund/rainy day fund is for. If you dont save during the good times then robbing your retirement may be a simple way out, if it was possible legally - and its not - but you are just putting off pain until later.

I am looking at this myself as I cannot see that the pension 'investments' that I have will provide me with anything like the returns that I expected when the policies started.

Why not? Typically, people invest for 20-30-40 year timescales. You cannot look at 1 or 2 year periods as indication of future returns.

There have been 8 financial crisis since 1956. They occur on average every 7 years. You expect stockmarket crashes at least once every 5 years with a major one say every 10 years and a massive one every 30 years. Like any unpredictable event, the frequency can be more frequent at times or less frequent.

As it happens, the events of the last few years have been great news for people paying monthly contributions to pensions and not retiring in the next couple of years. Most people who invested prior to the credit crunch and recession now have investment values which are higher than what they were before this started. It is just another short term issue in the long life of investing that you know has happened before and will happen again. You just dont know when.