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  • FIRST POST
    • Marvic01
    • By Marvic01 9th Nov 19, 6:54 PM
    • 2Posts
    • 0Thanks
    Marvic01
    Pension advice please!
    • #1
    • 9th Nov 19, 6:54 PM
    Pension advice please! 9th Nov 19 at 6:54 PM
    Hi All, can anyone advise me with the below situation please?
    My wife worked for a private company some 15-20 years ago and was paying into the company pension scheme for around 7 years.
    Since she left, the pension has been left and I think itís worth around £50 per month that she will receive on retirement. My question is, can this pension be sold/traded in for a lump sum now. The lump sum is worth c£7k and we could put better use to the money now. My wife is only 40.
    Any advice on what can be done will be much appreciated as I know very little about pensions!
    Thanks
Page 1
    • DairyQueen
    • By DairyQueen 9th Nov 19, 7:34 PM
    • 988 Posts
    • 1,763 Thanks
    DairyQueen
    • #2
    • 9th Nov 19, 7:34 PM
    • #2
    • 9th Nov 19, 7:34 PM
    You cannot access any type of pension until age 55 except in very rare circumstances (terminal illness).
    • cfw1994
    • By cfw1994 9th Nov 19, 7:40 PM
    • 479 Posts
    • 425 Thanks
    cfw1994
    • #3
    • 9th Nov 19, 7:40 PM
    • #3
    • 9th Nov 19, 7:40 PM
    If it is a DC scheme, you can *move* it to a different DC scheme - I moved a couple of smaller ones into my main Aviva one to make them easier to manage/monitor.
    But no, you cannot access the money as DQ said.
    • LHW99
    • By LHW99 9th Nov 19, 8:54 PM
    • 2,243 Posts
    • 2,089 Thanks
    LHW99
    • #4
    • 9th Nov 19, 8:54 PM
    • #4
    • 9th Nov 19, 8:54 PM
    What sort of pension? If it was DB / final salary its likely it would be increased over time. has she any statements / paperwork about it? If not, name the company and when she worked there and someone here may know what the scheme was. It might be possible if its a money purchase / DC scheme to transfer to another pension as said above, but any pension is for retirement, so can't be accessed before 55 (except under very strict circumstances as #2) and if anyone tries to say they can help her do so - its a scam.
    • Marvic01
    • By Marvic01 9th Nov 19, 9:14 PM
    • 2 Posts
    • 0 Thanks
    Marvic01
    • #5
    • 9th Nov 19, 9:14 PM
    • #5
    • 9th Nov 19, 9:14 PM
    Many thanks for the replies - pretty clear now on what can be done. One last q, do companies offer buyouts or can you at least ask them if it is possible?
    • Marcon
    • By Marcon 9th Nov 19, 11:50 PM
    • 1,350 Posts
    • 1,058 Thanks
    Marcon
    • #6
    • 9th Nov 19, 11:50 PM
    • #6
    • 9th Nov 19, 11:50 PM
    Many thanks for the replies - pretty clear now on what can be done. One last q, do companies offer buyouts or can you at least ask them if it is possible?
    Originally posted by Marvic01
    No, companies can't offer buyouts of pension benefits in the sense I think you mean (i.e. giving you a lump sum to relinquish your pension rights). The pension scheme itself must offer a transfer value provided your wife is at least a year younger than the scheme's normal retirement age, which she obviously is. She can transfer that to another registered pension scheme. Doing so may give more flexibility in terms of accessing the pension - but if she is in normal health she can't access the pension until she is at least 55.
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