Pensions, show me da' money!

[funkihamsta]

Hi all,
I work for a large life insurance company and the pension scheme offered is pretty good. However, l don't expect to be a lifer for this company and would prefer to transfer this pension fund to something more entrepreneurial (sp???)...like a horse or a fast lady.

No really, is it possible to set up a pension fund yourself, make yourself a trustee, transfer the fund to it when l leave the company then spend it all how l like. After all, its my f'ing money!

I'm sure this is possible although you wont realise the full value of the fund and will get smacked for tax in all likelihood. Can anyone comment?

[kevinday]

I would suggest you are better off with a private pension scheme, you can transfer money from a company scheme to a private scheme, but AFAIK not draw it out to spend. If you do transfer to a private scheme you will probably lose the company donations as well.

[funkihamsta]

You lose the company contributions!

And then who gets them?? I'm sure that can't be right, few pensions have any substantial portion of employee contributions.

Edited because l could!

>> Edited by funkihamsta on Monday 24th March 15:23

[incorrigible]

If you've taken the money out to by an Ultima, how are they going to catch you