Withdrawing early from my pension pot.

[Jasonoughts]

Hi Guys / Girls,

 

Is it possible to take money out of my pension at the age of 53?

 

I am due a payment of £49,000 25% when I am 55,  but debts are getting out of control, and looking to maybe take £12,000  to make my life more comfortable  until then.

 

There is a company called "pension release" doing the rounds on social media, but I can not see a FCA registration number for this company, and will avoid like COVID-19.

 

Any advice would be helpful in companies that can help me in releasing any capitol early. 

 

Kind regards

 

Jason and the NOUGHTS

 

 

[Jasonoughts]

Hi Guys / Gals

 

As the original post said, I am in for a pay out of over £48,000 when I am 55, at 25%

 

However, i was asking a question in regards to maybe getting £13000 before I am 55.

 

This will sort out some money problems my side.

 

I am not in debt as such guys and gals, but with the cost of living rising,  it will help me.

 

I live alone now with my wife passing away and debts are rising.

 

I owe £6400 on a car loan ( not finance) , monthly repayment is £264 and my interest free credit card is £3500, with a £80 monthly direct debit.

 

Was just thinking ahead.

 

in Theory i am not using my pension to pay off any debts, I am due a 25% payoff when I am 55 ( £48,000), was just seeing if i could take £13,000 before that date.

 

So just take it off the balance owe.

 

Kind regards

 

Jason and the NOUGHTS

 

 

[Jasonoughts]

Hi,

 

It is a private pension, like mentioned above i am getting 48 - 52,000 at the age of 55 depending on the growth with "standard life"

 

Just needed to tap into it now, hope you can see my logic. 

 

kind regards

 

[Jasonoughts]

HI Guys / Gals

 

It is possible using the SIPPS system which is regulated by the FCA.

 

Do not know to much information at the moment, but it is possible.

 

Been onto my cryto currency dealer today, and it is all above board.

 

You can transfer your personal pension to a SIPPS, and these dealers will do the rest. 

 

All the rage.

 

OBVIOUSLY, further research and double checking is required.....

 

Looks like SIPP or SIPPS is the way forward... My Cryto currency dealer has told me it is all legit....

[Jasonoughts]

I have had £1000 already from my crypto dealer.  Open your mind and stop thinking it is a scam.

[Jasonoughts]

11 hours ago, BazzaS said:

Hang on : On Sunday you are asking “can it be done?”, and on Tuesday evening you are saying “I’ve done it, got £1000 from my cryptocurrency dealer”, which seems an unfeasibly short timescale for any application to a PRA regulated firm…..

 

Meanwhile, respondents have been posting why it isn’t a good idea, and you are saying you’ve gone and done so.

 

So, either the dealer has provided funds ahead of the provision by the pension provider (which suggests the dealer is “dodgy” / not PRA regulated), or you applied before you asked “is it possible?”.

 

So, reader beware.

 

 

Hang on Bazza,

 

Not here for an argument or silly comments.

 

reader beware???

 

SIPPS is the answer,  which i found on this website, so "it can be done"

 

yes READERS, i still have debts like the rest of us suffering these hard times.

 

READERS, i have money invested with these online traders that make you money online, I gambled £250 and it works.

 

Seems Bazza wants an Argument.