Are there any clever ways to obtain or transfer funds from a private pension plan into another structured investment maybe? The fund in question is literally sitting still with no frequent payments being input as payments were stopped due to the plan being managed in a negative way. Traditionally people are not authorised to gain access to their funds before retirement, but am wondering if there are 'other ways' to extract this. Thanks in advance people.
2007-04-12 20:25:36 · 5 answers · asked by clubkid_03 3 in Business & Finance ➔ Investing
No, the legislation's pretty watertight.
You could maybe find someone prepared to lend you money against the lump sum that you'll be entitled take at age 55. Not sure what sort of a deal you'd get, though.
2007-04-12 20:33:41 · answer #1 · answered by Snakey B 4 · 0⤊ 0⤋
You need to speak to an IFA who specialises in pensions and who hold the G60 exam. Depending on the amount in the pension fund, it may be possible to transfer it into a SIPP (Self Invested Pension Plan) which is much more flexible and allows you to invest in a range of products, rather than an insurance based fund.
IFAs in your area can be found on the Financial Services Authority website
www.fsa.gov.uk
Hope this helps
2007-04-12 20:35:35 · answer #2 · answered by Dogs'r'us 4 · 0⤊ 0⤋
Are you aged over 50 (today) ?
Yes ? == then you can take 25% of the fund as a Tax Free Lump Sum and Retire.
No ? == sorry, it's not possible (although you can transfer the fund into a SIPP and manage it yourself)
2007-04-13 00:24:08 · answer #3 · answered by Steve B 7 · 0⤊ 0⤋
Consult the Law Books
2007-04-13 04:53:01 · answer #4 · answered by kyams 2 · 0⤊ 1⤋
I'm afraid the law has covered every corners.
2007-04-12 20:30:45 · answer #5 · answered by SGElite 7 · 0⤊ 0⤋