i had to leave my job due to ill health i,d been in pension scheme for nine years im in my mid thirtys does anyone know if they can be cashed in?if not what would be the best thing to do with it?
2007-02-04 08:19:56 · 6 answers · asked by -xx- 4 in Business & Finance ➔ Personal Finance
My first thing to say would be seek proper financial advice, some of the comments posted are so wrong its frightening and I would hate to think you would take advice from people who clearly don't know what they are talking about.
Secondly, as you have a company pension it is highly likely that they offer ill-health benefits. Some mentioned talking to the pensions/HR department, I would also recommend this. They should have a scheme booklet or alternatively you can get a copy of the scheme rules which will tell you exactly what your options are.
Having worked in the pensions industry for several years, I can confirm that it does depend on the scheme, however it is likely that if you are permanently incapicitated then you could receive your pension. Usually the trustee board would then review your situation on an annual or triannual basis to see whether you should still be receiving your benefits.
The benefits themselves can really vary depending in the type of scheme you are in and whether you are fully or part incapicitated.
The key things is to talk to your HR department as this is something they should be able to explain to you in full.
2007-02-05 23:43:33 · answer #1 · answered by curly_krill 2 · 1⤊ 0⤋
Not likley at your age unless you are 'retiring' through ill health i.e. never work again. Ask the pension scheme administrator.
If less than 2 years service you may have been able to get your own contributions back.
Only option is to transfer it to a personal pension in your own name. You'll be able to get at it when you are 55.
Usually best left alone are company schemes.
2007-02-05 09:08:35 · answer #2 · answered by myownprivateroad 3 · 0⤊ 0⤋
No, you can not. You will have to be 59 and half to get your company pension without any penalty and tax.
Otherwise, you will have to pay 10% for taking it out early and pay tax on all the earnings plus money you put in before tax.
Since you are ill, can you get disability income from the government?
2007-02-04 16:34:48 · answer #3 · answered by Kimora Miranda 3 · 0⤊ 1⤋
If it is a company pension plan and you are fully vested, then you should be able to cash out when you leave the company. (If you are on short-term disability or a leave of absence, then most likely you won't be able to.) You should check with HR or the benefits administrator for the specific terms of your company's plan and tax implications.
2007-02-04 16:36:45 · answer #4 · answered by poonie 3 · 0⤊ 1⤋
Take the money out of your pension and put into property - far more secure when done properly.
2007-02-05 05:28:28 · answer #5 · answered by StevieP 2 · 0⤊ 1⤋
just leave it there.
2007-02-04 16:52:30 · answer #6 · answered by James W 2 · 0⤊ 1⤋