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Annuity Pension Cash back
sceincefreak
Posts: 2 Newbie
About a year ago I ran into some difficulties and decided to cash in a small pension and AVC I had with HSBC. The the main part had been stopped for 16 years, having joined my company pension scheme, the second part being the AVC's which I was still paying @ £25 per month.
The long and short of it is that HSBC arranged an annuity for me with a lump sum payout. I am now receiving a pesion of £100 per month at the age of 53.
Is it at all possible for me to sell my pension to get me out of yet more difficulties.
I'm not worried about this pension as the company one is adequate for my needs when I eventually retire.
Any sound advice will be appreciated greatly.
The long and short of it is that HSBC arranged an annuity for me with a lump sum payout. I am now receiving a pesion of £100 per month at the age of 53.
Is it at all possible for me to sell my pension to get me out of yet more difficulties.
I'm not worried about this pension as the company one is adequate for my needs when I eventually retire.
Any sound advice will be appreciated greatly.
0
Comments
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Is it at all possible for me to sell my pension to get me out of yet more difficulties.
no.
You cannot sell or cash in pensions and once the pension has commenced there is even less you can do with it. You can only take benefits under trivial commutation (from age 60 if all pensions are less than 1% of the lifetime allowance) or commence retirement benefits (now known as benefit crystallisation).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 -
Thanks, at least I now know I am well and truely in trouble.0
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