Advice needed: Selling a Buy Out Pension Bond?

M

moneyminder

Registered User
Messages
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Is it possible to sell these and how do you go about it?

I left deferred benefits in my old employer's scheme when I left in '05.
I had been in the scheme 6 years then.

The scheme is winding up as they are changing providers.
I am told I can transfer the value to another scheme or they will automatically transfer it to 'Pension Transfer Plan Buy out Bond'.

The thing is, I have a big tax bill I need to pay now and I need money fast.
If I transfer to this bond, can I sell that? How do I go about it?

Thanks
 
If you transfer to a buy out bond, you should be able to get access to the fund from age 50, as opposed to your existing scheme that may only allow you to get access from age 65. Other than that, you won't be able to sell or get access to the bond unless you are medically incapacitated. The government should really be relaxing some of these rules in the current environment.

www.powerinsurances.ie
 
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