Cashing in my works pension early?

H

Harry Gold

Guest
Hi wondered if anyone here could help. I'm 50 this year and have a deferred works pension ( I contributed into a car manufactures pension scheme for over 10 years) I have since left that company and have been offered a job abroad, is there anyway I could cash in my pension perhaps abroad? Does anyone know of any reputable companies out there? I know that the age of accessing pensions have changed this year to 55 and that there are lots of companies on line who buy say they do this but they look a bit dodgy. I would be very grateful for any help. Thanks

Harry
 
It depends on the terms of the pension scheme. I am not an expert, but AFAIK, most pension schemes do not allow early cashing in. You would need to go back to the original documentation, or contact the trustees, to find out.
 
is it possible to transfer your pension into somebody else's pension?
 
No it is not possible except in the case of a "pension ajustment order" where a court orders the split of a pension fund in the case where a couple has seperated.
 
Apparently one can do this by routing it via different countries, but each transaction means the pension is getting less and less, plus currency charges and taking the risk that who you are dealing with are reputable.

Why you would want to do this is beyond me, far better to have some kind of pension waiting for you when you retire.
 
Hi HarryGold

One option is you could you transfer it to a personal retirement bond which means you can take the benefits out of this from age 50?
 
I believe the OP is talking about a UK pension (since that’s where the change of accessing at the age of 55 has occurred)?
 
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