i am 49 years old, i have spoken to the pension companies and they wont let me have a penny.
i am emigrating to brasil and i need every penny.
it is no use to me here. as i wont be returning.
does anybody know how i can get my money.
also i have an endowment policy which expires in 5 years time,
its worth a bit as well. but if i cashed it now. i only get half its value. why?. and how do i get more.
is there a way of raising the cash i need with these 3 items.
any info to help would be not forgotton. thank you.
2007-03-27 11:48:24 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Sorry I haven't got a clue! But I would suggest that u make an appointment at your local Citizens Advice.
It's free & they'll beable to tell u everything u need to know.
Good Luck on both getting your money & emigrating! :-)
2007-03-27 11:53:10 · answer #1 · answered by Anonymous · 1⤊ 0⤋
Phil the law says you cant touch a pension till you are 50 (rising to 55 in 2010) so you may only have a few months to wait however even then you can only take 25% of the fund as a tax free lump sum the balance has to be used to provide you with a taxable income for the rest of your life, depending on your situation you might be able (with the help of an IFA) to try a drawdown plan and take around 6% of the remaining fund for the first year in advance at the same time as you take the lump sum but the best is going to be a little under a third of the fund im afraid....Do not try to use a pensions unlocking firm who may try to offer you more these are all illegal scams . whilst talking to your IFA he may (again depending on the situation )be able to sell your endowment policy on the second hand market which might get you a little more loot, my advice is go find an IFA and have a chat ,
2007-04-03 19:58:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
The pensions there's nothing you can do about for the time being. I think you have to be 55 to do anything with them. The endowment you may be better off selling it than surrendering it. Though you would undoubtable be better off still to keep it running until the term expires and taking the cash then if you can afford to do that. I have emigrated myself so I understand the position you are in, however, even though you need money now, you will continue to need money throughout your life and realising all your assets at this stage may not be the best financial strategy.
2007-03-28 08:09:37 · answer #3 · answered by gerrifriend 6 · 0⤊ 0⤋
Try to leave it as long as you can, this is why they do it,you wont get the money you paid in and what a waste of time and money. You will be lucky to get back what you paid[you won't,no way]
2007-03-27 18:57:18 · answer #4 · answered by Spike 3 · 0⤊ 0⤋