Executive retirement plan

H

Happydad

Guest
I have one of these, worth about 40k at the moment. I am in my 30s and will be leaving job soon. Is there any way for me to access some of the funds? I am in fund 7yrs now.
Thanks in advance.
 
Doubt it. Most pensions don't offer any access to funds until retirement. An exception being occupational schemes where you can cash in personal contributions after less than two years membership.
 
Clubman's doubts are well-founded. While this is an Occupational Pension Scheme (Executive retirement plan is just a marketing name), you're over two years in the scheme and therefore cannot take a refund of your contributions.

You can leave the monies in the scheme, transfer them into a new scheme or transfer them into a Buy Out Bond. You can usually take early retirement from age 50.
 
A BOB is simply a standalone pension investment in the name of the individual into which an occupational fund can be transferred on leaving the job/scheme. It cuts your ties with the occupational scheme and saves having to chase down trustees etc. in years to come and could offer other advantages - e.g. lower charges. > 100% allocation rate on transfer, better fund selection etc. But obviously that depends on the specific product. Some BOBs are better than others...
 
clubman,

where would you go to find out more about these BOB's ? i have 2 such occ shemes and trying to keep track of them or get info is a nightmare..

thanks
 
? And maybe then talk to a good broker (multi-agency intermediary or authorised advisor but only a tied agent if you know that you want his/her products).
 
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