I worked at this firm 20 years ago and joined their pension scheme. I left and a few years later, the company closed down. However, I get this statement every year from Norwich Union telling me my pension is now worth x-amount. I've asked them if I can just have the money now but they say I can't, not until I'm 50 at the earliest. I'd rather have some money now. Are their any companies that will buy the pension off me for a reasonable amount if I sign it over to them to claim on when it matures?
2007-07-18 21:50:30 · 3 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
In UK = correct = as of today you have to be 50 .. if you don't reach 50 before 2012, then (from 2012) you have to be at least 55 (and it will go up from there).
As far as I am aware, any attempt to 'assign' the pension (except to an ex-wife) is illegal under UK law ..
As far as Inland Revenue is concerned, your Pension belongs to them (they think of it is unpaid Tax) = and since the IR has every intention of getting it's hands on your Pension when you retire, no way are they going to let you wriggle out of it now (except by paying 60% Tax or whatever)
You can transfer the Pension 'pot' - either to your current employers scheme (assuming it accepts transfers) or into a Private Pension (SIPP) - which you can manage yourself.
2007-07-18 21:58:33 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
No. it somewhat is the full factor, they shelter you from your self!! I definitely have a private pension with in straightforward terms approximately £500 in it from a job i had approximately 20 yrs in the past. i assumed that £500 would be valueless when I retire and that i could prob savour it extra now on a trip or something. yet NO i'm able to no longer get at it and it could in straightforward terms be transferred to a diverse pension! i became v pissed off and am each and every 12 months when I get my assertion, yet we could in simple terms money pensions in each and every time we want fairly money so this could defeat the article somewhat.
2016-12-10 16:31:04 · answer #2 · answered by Anonymous · 0⤊ 0⤋
yes you can get a pension released
look here
http://www.beatthatquote.com/pensions/pension_release.html
2007-07-18 21:55:47 · answer #3 · answered by minty359 6 · 0⤊ 1⤋