Can I Cash In My Pension

by Pension Forecast

Laura asks…

Can I access the money in my Works Pension?

I have been paying into a works pension for over six years and find myself in a sticky spot!! I don’t have any savings etc and if I could cash in my pension it would really help!!! Ive checked their website and the only thing it mentions is that if you have been paying in for less than 2 years, you may opt out and ask for a refund. Any advice would be helpfull!!!

Pension Forecast answers:

No you cannot. Pensions cannot be accessed or used till retirement age. Check with HR

Lisa asks…

can i cash in my pension avc’s?

hi im 45 and have a avc fund worth about £12000,havnt payed in to it for about 6 years,is there any way i can get my hands on it now or do i have to wait till i retire,i could make better use of the cash now,after all it is my money

Pension Forecast answers:

No – it’s frozen until you retire/ at least 55 years of age

Mary asks…

IRA Withdrawal Penalty Exception for First Time Home Buyer?

If I roll my cash balance pension benefit from a former employer in to an IRA, can I immidiately withdrawal $20,000 without paying the 10% penalty by using the $10,000 first time home buyer exception for both myself and my wife? I am 38 and the money would be used to purchase our first home.

Thanks.

Pension Forecast answers:

The pension plan is tied to *your* SSN. Only you can take out $10K and pay income taxes, but not penalty.

If your wife has her own IRA under her *own* SSN, she can take out $10K as well.

Mark asks…

pension plans cashing in?

can i cash in a personal pension plan, i am 60 on pensions credit, if i do will it affect i,e reduce my entitlement to pensions credit ? i have tried toi email the com pany but thier email address is not available

Pension Forecast answers:

Visit the Government Pension Advise service and try to do as much as you can yourself …

When you left the Company you should have received a document giving details of your Deferred pension entitlement .. This will have the name and address of the Pension ‘managers’ on it .. If you can’t find it (and know of no-one else from the Company you can contact) then try Government ‘Pension Tracing Service’ (link 2) ..

A Financial Adviser will charge you for every minute they have to spend working for you … With charges often in excess of £250 an hour, every 5 minuets work is going to cost you £20 …. So put in a bit of effort yourself and think of all the £20 notes you will be saving ..

Joseph asks…

pension funds can i cash them in?

i have a few pensions and thinking of transferring to my current employer,or is there any way i can actually cash them in?

Pension Forecast answers:

If you were in the Plan for less than 2 years, you might have the option of a refund…. But it will only be the contributions you paid into the plan, you will loose the amounts the employer paid for you. And it will be taxed.

If you were in the plans for over 2 years, you can’t get anything out until retirement, but you should be able transfer them all into another plan (providing that plan will accept transfers in and that the old schemes are allowing transfers out at the moment, some might not).

That way you’ll have a bigger fund all in one place when you come to retirement age, which is less hassle.

Call the schemes and ask for a cash equivalent transfer value and then contact the scheme you want to transfer into to find out if they will accept the transfers.

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