Can i cash in my pension?

sarahc5388

Hi, I am in the military and am given a government pension on completion of 22 years service, a financial advisor (the company he worked for also does our added voluntary contributions to the military pension) sold me a stakeholder pension, this affects the amount of my military pension - he did not inform me of this at the tiem otherwise i would not have gone ahead. I have contacted the coy and at first they apologised and offered me all my money back - they have now retracted this, where do i stand - surely the advisor should have looked into this at the time, any advise greatly appreciated

dunstonh

a financial advisor (the company he worked for also does our added voluntary contributions to the military pension) sold me a stakeholder pension, this affects the amount of my military pension

Can you explain how contributions into a stakeholder pension impacts on the military pension?

I have contacted the coy and at first they apologised and offered me all my money back - they have now retracted this, where do i stand - surely the advisor should have looked into this at the time, any advise greatly appreciated

I cant see any reason why they would void the pension as the sale of a stakeholder accepting personal contributions has no impact at all on your occupational pension. I am guessing they retracted the offer once they realised that there had been no error and the recommendation wasnt bad.

Retired_I.F.A.

"this affects the amount of my military pension

Where on earth did you get that notion from?


edit.. Think i'll change my nick to Dunstonh's echo. Yet again i've been pipped to the post

sarahc5388

dunstonh wrote: »

Can you explain how contributions into a stakeholder pension impacts on the military pension?



I cant see any reason why they would void the pension as the sale of a stakeholder accepting personal contributions has no impact at all on your occupational pension. I am guessing they retracted the offer once they realised that there had been no error and the recommendation wasnt bad.

I have been told by the Service Veterans and Pensions Agency that the amount of my mil pension will be reduced by the amount of the private pension

Retired_I.F.A.

Youve been told wrong or misinterpreted them then as your stakeholder benefits will in no way effect you military pension.

sarahc5388

Retired_I.F.A. wrote: »

Youve been told wrong or misinterpreted them then as your stakeholder benefits will in no way effect you military pension.

Can i quote you on that?

Retired_I.F.A.

Yes definately, though what weight it'd cary is nil. I'm out of the loop so to speak these last 6 years since i was last a practicing IFA but you can google and get confirmation easily enough.

sarahc5388

Retired_I.F.A. wrote: »

Yes definately, though what weight it'd cary is nil. I'm out of the loop so to speak these last 6 years since i was last a practicing IFA but you can google and get confirmation easily enough.

many thanks - gonna phone the SPVA again and ask them what they were on about and for full confirmation/clarification

dunstonh

RIFA is correct. personal contributions into a personal arrangement have no impact on occupational or state pensions.

philgage2004

Can I as a former Soldier cash in my Military pension? If so how do I go about it ??