Pensions

[bankbustermum]

I have a works pension from about 10 years ago. It isn't woth much its from my former employer Philips Lighting. Can I sell the pension or cash it in I'm 33 and really could do with the cash.

[shywazz]

Cashing the pension in won't give u much in value, can you not move it across to ur currant employers, or just leave it till u reach the ripe old age of retirment. Pensions are joined for the long run to cover ur old age, u could write to the pension company, and ask what value it holds, then take things from there. But be wise, u have paid into it for 10 years, think of the little extra income it might give you come ur retirment.

[bankbustermum]

do you think I should try for advice from a reputable pension firm say Warde Graham; Independent Financial Advisers and Tax Planning Specialists, Glasgow, Scotland or do you think I'm on to rice??

[gizmo111]

There are strict rules around pensions, of which I do not have any in depth knowledge of, but I do know that you can't normally cash a pension in until you are over 50. Best ring them up and ask what you are entitled to.

[bankbustermum]

There are strict rules around pensions, of which I do not have any in depth knowledge of, but I do know that you can't normally cash a pension in until you are over 50. Best ring them up and ask what you are entitled to.

 

 

Thanks for that pensions and mortgages dark holes of dispare

[surprise]

I was in the same situation and age regading my pension years ago and I was advised to go for a buy out which I did with AXA. I am now retired, and what was a small amount of money at the time gives me a £100 a month plus I had a lump sum of £4300. Its not a great deal but it does top up my NHS pension and government pensions very nicely.

 

As someone has said the value you get back is nothing like the figure you have paid in, so if you can I would think about reinvesting for the future.

[millsee]

do you think I should try for advice from a reputable pension firm say Warde Graham; Independent Financial Advisers and Tax Planning Specialists, Glasgow, Scotland or do you think I'm on to rice??

 

In a word, no.

 

"Independent Financial Advisers" are nothing more than salesmen.

 

Always remember that:

(a) your aims are to keep fees and charges as low as possible so as to maximise potential returns

(b) their aims are to maximise fees.

 

As such, your aims and theirs are diametrically opposite.

You would be much better advised to manage a pension yourself, if you are one of the few people for whom a pension is suitable.

 

In many cases, paying down your mortgage and/or maximising your ISA allowance will be the better option.

[bankbustermum]

I was in the same situation and age regading my pension years ago and I was advised to go for a buy out which I did with AXA. I am now retired, and what was a small amount of money at the time gives me a £100 a month plus I had a lump sum of £4300. Its not a great deal but it does top up my NHS pension and government pensions very nicely.

 

As someone has said the value you get back is nothing like the figure you have paid in, so if you can I would think about reinvesting for the future.

 

Would love to reinvest my brother has the big C and his family are struggling finacialy I dont have much myself with 3 kids under 8 and me the only one working. Was looking for advice to see if I can release ths cash. What do you recommend? Write to the pension company?

[surprise]

Do you have a Pensions Adviser in your current job? If so, would recommend making an appointment. If you've got a phone number for the pensions people you could ring them and see what they were prepared to offer. The only problem, which has already been stated, you probably won't get back anywhere near the what you have paid in.

 

Hope this works out for you.

[make them aktiv runners]

If you paid in for more than 2 years then you cannot cash it in. If 2 years payments then you can move it to another provider but under no circumstances would you get a voluntary payout before age 50.

[df1970]

Interesting

[df1970]

Interesting point. I have paid £18k into a pension and over 10 years it has grown to a massive £22k.

 

A high street savings account would have generated a better return than the highly paid fund managers who manage my account.

 

In short I want the money back.

 

Why are we sitting back and accepting that pensions didn't work out the way we thought they would.

 

I know of many people who have stopped paying into their pension as they believe they can plan for thier retirement in a much better way.

 

Can we sar a pension provider?

 

Cheers,

 

Damon30.

[make them aktiv runners]

What type of pension fund is it?