Pension Questions: Sell My Pension

by Pension Forecast

David asks…

i have a pension from my last job.I am 38.Can I sell my pension?

i live in n.ireland and need some money.Is it possible to sell-on my pension?

Pension Forecast answers:

You can’t sell your pension… You can’t cash it in either. Pension is not a fund – it’s a “benefit” paid to you when you retire by your employer…

If you have 401k you could cash that in w/ significant penalty.

Sandy asks…

I want to sell my pension early?

I have a vested pension but want my mnoney now do people buy them

Pension Forecast answers:

There are some companies that advertise they will take over your windfall you have received but it is paid out over time
they will have you assign the total to them, they will pay you a fraction of your ultimate gain and let you walk away happy, that you have some money to spend
but they will make it all back in the fees they charge you and the interest the fund earns over the years of existence
not a good thing to do

James asks…

i want to sell my pension?

i am 41 and have a pension worth approx £6000 where can i sell it if i can , as i phoned one off the internet but it had to be worth over £30,000 so come on people there must be some one out there to buy this

Pension Forecast answers:

If it’s a pension you can’t sell it (you can sell life assurance policies).

‘Selling’ in this context means you move the funds from wherever they are at present (usually in a company pension scheme) and the company to which you have ‘sold’ the pension takes a slug of commission and you then access whatever’s left by taking early retirement. Minimum age for early retirement is now 55.

There are very limited circumstances in which this is a good idea for you, the customer.

Ken asks…

army pension uk. can i sell it. not usa?

i have an army pension of £400 pm for life im only 28 can i sell my pension?

Pension Forecast answers:

Not transferable in the UK.

Thomas asks…

can i sell my pension i am 47 need cash 4 buissness venture?

Pension Forecast answers:

If you have a pension you can often cash it in. You will however get far less money than you would if it were paid out to you over time. Typically you would get the money you have paid in, with no interest less a handling fee. You would not recieve any employers contribution.

You should seek proper independent financial advice before taking this kind of move, generally speaking it is ill advised.

Good luck with your business though.

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