2007-08-20 09:08:43 · 5 answers · asked by Toms Mum 1 in Business & Finance ➔ Personal Finance
Not possible under UK (Tax) law.
You can Retire (if you are over 50 now, 55 in 2012 ..) and withdraw 25% as a tax free lump sum... and get paid a pension from the rest.
If you are too young to Retire, then the only way is to emigrate to another country where the Tax laws differ (i.e. NOT EU) and transfer your Pension 'pot' to an 'unapproved' scheme .. i.e. one not approved by UK Inland Revenue.
UK Inland Revenue will impose approx 60% Tax on the Pension 'pot' BEFORE it is transferred .. however such a scheme will typically allow you to withdraw money as you wish (although chances are you will have to pay local Taxes on it as well).
2007-08-23 20:37:08 · answer #1 · answered by Steve B 7 · 0⤊ 0⤋
Can you sell it???...i doubt it. Have a look at the original agreement but if it says you can sell it...ask the provider to buy it back. You will lose alot of cash as in it wont be worth nearly half as much as you have put into it
2007-08-20 16:23:24 · answer #2 · answered by stormydays 5 · 0⤊ 0⤋
I don't think you can.
The whole idea is that it provides a post retirement income.
2007-08-20 16:17:39 · answer #3 · answered by 'Dr Greene' 7 · 0⤊ 0⤋
sorry i think you are out of luck -- unless you are willing to sale your soul along with the penson!!!
2007-08-23 12:33:40 · answer #4 · answered by mister ed 7 · 0⤊ 0⤋
whaw i didnt think you could do that---- i wouldnt mind sellin my hubbys and going to las vegas yip eeeeeeeee.
let us know if you can do it
2007-08-20 16:23:00 · answer #5 · answered by Lola 3 · 0⤊ 0⤋