wykikitoon 20112 Posted November 6, 2007 Share Posted November 6, 2007 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? Link to comment Share on other sites More sharing options...
trophyshy 7083 Posted November 6, 2007 Share Posted November 6, 2007 makes no sense to me, sorry! Link to comment Share on other sites More sharing options...
wykikitoon 20112 Posted November 6, 2007 Author Share Posted November 6, 2007 makes no sense to me, sorry! In what way? Please expand? Link to comment Share on other sites More sharing options...
Tooj 17 Posted November 6, 2007 Share Posted November 6, 2007 You lost me at hiya gays. Link to comment Share on other sites More sharing options...
wykikitoon 20112 Posted November 6, 2007 Author Share Posted November 6, 2007 Link to comment Share on other sites More sharing options...
RlCO 0 Posted November 6, 2007 Share Posted November 6, 2007 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. Link to comment Share on other sites More sharing options...
Jimbo 175 Posted November 6, 2007 Share Posted November 6, 2007 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. Link to comment Share on other sites More sharing options...
wykikitoon 20112 Posted November 6, 2007 Author Share Posted November 6, 2007 Right, so it is possible to take it out? Link to comment Share on other sites More sharing options...
RlCO 0 Posted November 6, 2007 Share Posted November 6, 2007 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. Link to comment Share on other sites More sharing options...
Super7 0 Posted November 6, 2007 Share Posted November 6, 2007 I think it depends on the scheme rules but it is only usually possible to take it out if you have been a member less than 2 years. Link to comment Share on other sites More sharing options...
wykikitoon 20112 Posted November 7, 2007 Author Share Posted November 7, 2007 Think ill give em a ring, possibley easier Thanks anyways guys. Link to comment Share on other sites More sharing options...
Jusoda Kid 1 Posted November 7, 2007 Share Posted November 7, 2007 Can you get money out of a frozen pension? Link to comment Share on other sites More sharing options...
qscqscqsc 0 Posted November 8, 2007 Share Posted November 8, 2007 (edited) 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 November 8, 2007 by qscqscqsc Link to comment Share on other sites More sharing options...
Gejon 2 Posted November 9, 2007 Share Posted November 9, 2007 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). Link to comment Share on other sites More sharing options...
Matt 0 Posted November 9, 2007 Share Posted November 9, 2007 Anyone else like me and not bother doing anything for pensions? Link to comment Share on other sites More sharing options...
Meenzer 15518 Posted November 9, 2007 Share Posted November 9, 2007 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. Link to comment Share on other sites More sharing options...
Matt 0 Posted November 9, 2007 Share Posted November 9, 2007 I figure I'll either be rich or dead so it's no major deal! Link to comment Share on other sites More sharing options...
Meenzer 15518 Posted November 10, 2007 Share Posted November 10, 2007 Well true. It's a pretty good incentive to carp the ol' diem, if nothing else. Link to comment Share on other sites More sharing options...
Tooj 17 Posted November 10, 2007 Share Posted November 10, 2007 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! Link to comment Share on other sites More sharing options...
Meenzer 15518 Posted November 10, 2007 Share Posted November 10, 2007 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 Link to comment Share on other sites More sharing options...
Tooj 17 Posted November 10, 2007 Share Posted November 10, 2007 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 Martin behave before I carp your diem. Link to comment Share on other sites More sharing options...
Meenzer 15518 Posted November 10, 2007 Share Posted November 10, 2007 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 Martin behave before I carp your diem. Link to comment Share on other sites More sharing options...
Kevin Carr's Gloves 3887 Posted November 10, 2007 Share Posted November 10, 2007 I Get £400 a month on my pension. Link to comment Share on other sites More sharing options...
Gejon 2 Posted November 10, 2007 Share Posted November 10, 2007 I have quite a good pension, don't think I will live long enough to enjoy it though Link to comment Share on other sites More sharing options...
Rob W 0 Posted November 11, 2007 Share Posted November 11, 2007 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 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now