2006-08-18 07:31:51 · 11 answers · asked by kenbell20032003 1 in Business & Finance ➔ Personal Finance
it depends on the way the plan is set up. You might have that option. There will probably be tax consequences to doing that, though. Get a copy of the plan from your employer or the plan administrator.
2006-08-18 07:37:38 · answer #1 · answered by MOM KNOWS EVERYTHING 7 · 0⤊ 0⤋
Take the 25 % lump sum or in case your father has no different pensions and the fund is £17,500 or a lot less take the lot out in a unmarried lump as in the different case your father will acquire a pittance.Pensions are a awful funding.My next door neighbour had a pension connected to her loan and after 30 years the 25% lump sum grow to be meant to pay off her £30,000 loan.The time period is now up and she gained the cheque for merely over £12.000 instead of what the pension salesclerk advised her might want to be over £30,000.A shortfall of £18,000.i'm a builder and if i grow to be £18,000 out on an estimate for a job i doesn't be in organization next week.
2016-11-26 00:27:43 · answer #2 · answered by rogowski 4 · 0⤊ 0⤋
Normally you can only take 25% of the fund as a lump sum. However, if all your pensions are worth less than £15,000 you can take it all as a lump sum. You need to be over 50.
2006-08-18 07:39:12 · answer #3 · answered by Anonymous · 0⤊ 0⤋
No...government reulations will not allow you to take all your pension as a lump sum in case you blow it all and become dependent on the state. the only exception is if you have been paying into it for less than a year.
2006-08-18 07:39:12 · answer #4 · answered by luvaduck 3 · 0⤊ 0⤋
Under some plans there is a lump sum option. You should have a plan document which describes your payout options, and your plan administrator (usually someone in HR) can help you if you need clarification.
2006-08-18 07:38:52 · answer #5 · answered by BluedogGirl 5 · 0⤊ 0⤋
No, at least not in the UK. You can take part of it as a lump sum, with the rest of it you buy an annuity.
2006-08-18 07:37:55 · answer #6 · answered by peewit 3 · 0⤊ 0⤋
I commuted mine, took 75% in cash, the rest paid monthly.
2006-08-18 07:37:38 · answer #7 · answered by Anonymous · 0⤊ 0⤋
I believe you can but you taxed at a hire rate and may face penalties
2006-08-18 07:37:33 · answer #8 · answered by Bopeep 4 · 0⤊ 0⤋
Usually you can but you have to take a kick in the *** from IRS.
2006-08-18 07:38:29 · answer #9 · answered by Anonymous · 0⤊ 0⤋
You should speak to someone in Human Resources in where you work....
2006-08-18 07:37:26 · answer #10 · answered by Mary 3 · 0⤊ 0⤋