Frozen pension and cashing it in
Discussion
I just had a call from a company asking of I had any frozen pensions, and if so, would I like to "cash it in".
As it happens I do have a frozen one that I had with my old company.
I think the value is about £28k, and when I told the guy this, he played on his calculator and said I could get a tax free lump sum of £18,200.
Now, firstly, can this be done, cashing in?
Secondly, I assume this company will get a huge slice in commission, so if it is possible, does anyone know of any reputable companies that offer this service, as tw pension is just lying there doing nothing.
Cheers!
As it happens I do have a frozen one that I had with my old company.
I think the value is about £28k, and when I told the guy this, he played on his calculator and said I could get a tax free lump sum of £18,200.
Now, firstly, can this be done, cashing in?
Secondly, I assume this company will get a huge slice in commission, so if it is possible, does anyone know of any reputable companies that offer this service, as tw pension is just lying there doing nothing.
Cheers!
Free help and information is available from here:
www.pensionsadvisoryservice.org.uk
and from their helpline. Give them a call...you'll find them very friendly and helpful.
They do not provide any advice as such because advice depends on your personal circumstances, objectives etc. Advice is available from an IFA.
In case you're concerned that you'll be contacting a profit seeking company, they are a not-for-profit government funded organisation (a QUANGO for short) staffed by pensions professionals.
R.
www.pensionsadvisoryservice.org.uk
and from their helpline. Give them a call...you'll find them very friendly and helpful.
They do not provide any advice as such because advice depends on your personal circumstances, objectives etc. Advice is available from an IFA.
In case you're concerned that you'll be contacting a profit seeking company, they are a not-for-profit government funded organisation (a QUANGO for short) staffed by pensions professionals.
R.
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