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wykikitoon

Pension

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Hiya Guys

 

For the finance guys amoungst us I have a question regarding my work (or ex) pension. At my previous company I had a pension where I paid X in and they paidr around the same in. My new place has a stakeholder pension of around 0.9% which I would prefer to have what I had at my previous employment, if that makes sense?

 

Anyways, I would like to take the money out and put it into my savings at the moment until I work out what I am going to do with it due to interest etc. Is this possible?

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I know I've been told all this stuff before, but it just goes in one ear and out the other. I don't think you can (or rather it's not worth) withdrawing any money already put in a pension. Stakeholders were brought in as they are apparently transferable between companies, and I don't think many companies run two or more schemes. I think if you have had a previous private pension you can pay into that instead, but if it's a company one it's usually closed when you leave.

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Similar thing happened to me when my company was taken over, my old pension was frozen and a new one started that was not so good, I think I could have cashed the old pension in but it has more value with it frozen until retirement.

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Right, so it is possible to take it out?

 

Actually I think some are locked until retirement. I presume you lose any advantage through tax if you could anyway. The whole benefit is geared to the fact it's not withdrawn early.

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I recomend you talk to these folks...

 

http://www.h-l.co.uk/pensions_and_retirement/sipp.hl

 

My dad uses them, and they pretty good, he transfered some civil service pension over to them.

 

 

"Right, so it is possible to take it out?" think most pensions are withdrawable at 55+, used to be 50 but has gone up.

 

HOWEVER, its possible to use the pension as security, so if you talk to some lenders they may let you borrow against the amount in the pension; just like a homeowner getting a loan. Just make sure you dont piss it all down the drain though!!

Edited by qscqscqsc

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How long was the plan running for? I believe some pension schemes you can just get the money back if its less than 24 months old but not many do this. Other than that you can leave it "paid up" or "frozen" until you reach the selected retirement age or you can transfer the funds into your new policy as long as the new provider accepts the transfer (which is more than likely these days). Obviously the terms on the old contract wont apply though (if you transfer).

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Anyone else like me and not bother doing anything for pensions?

Aye, me. Moving to Germany straight after graduation was a cracking experience, but it's put me about five years behind where I should be in terms of savings, organising private pension provision, getting anywhere near being able to own a home and so on. I try to block it out most days. :calmdown:

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Well true. It's a pretty good incentive to carp the ol' diem, if nothing else.

Euphemism? If not I'm bloody well gonna make sure it is one! :calmdown:

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Well true. It's a pretty good incentive to carp the ol' diem, if nothing else.

Euphemism? If not I'm bloody well gonna make sure it is one! :unsure:

Are you now :calmdown:

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Well true. It's a pretty good incentive to carp the ol' diem, if nothing else.

Euphemism? If not I'm bloody well gonna make sure it is one! :)

Are you now :calmdown:

Martin behave before I carp your diem. :unsure:

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Well true. It's a pretty good incentive to carp the ol' diem, if nothing else.

Euphemism? If not I'm bloody well gonna make sure it is one! :icon_lol:

Are you now :calmdown:

Martin behave before I carp your diem. :)

:unsure:

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you should be able to move your old pension into a new personal pension OR the new stakeholder pension

 

You can't "withdraw" any cash tho - even when you retire you normally have to buy an annuity if you don't take the pension payments

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