Is it possible to cash in/sell a pension?
Discussion
iandbeech said:
Just wondered as I have heard it`s possible - maybe an age limit? I`m 47.
You're soon to be 50. At that point you can 'retire', extract a lump sum,l and buy an annuity with the rest. My business partner has found a product that actually allows the proceeds of the annuity to be paid back into the fund...which increases the payments when you finally do start drawing on it for income.
This sort of thing is probably the most tax efficient way to get some cash out and preserve what you can for your real retirement in ten or fifteen years time.
As to selling the fund. Dunno. I've seen ads on sack-o-shite TV promising some such deal. But then you will be reducing the income you get come retirement...presumably you want to fund a business or some such money making venture?
Don said:
Just wondered as I have heard it`s possible - maybe an age limit? I`m 47.
You're soon to be 50. At that point you can 'retire', extract a lump sum,l and buy an annuity with the rest. My business partner has found a product that actually allows the proceeds of the annuity to be paid back into the fund...which increases the payments when you finally do start drawing on it for income.
This sort of thing is probably the most tax efficient way to get some cash out and preserve what you can for your real retirement in ten or fifteen years time.
As to selling the fund. Dunno. I've seen ads on sack-o-shite TV promising some such deal. But then you will be reducing the income you get come retirement...presumably you want to fund a business or some such money making venture?
The plan is indeed to help fund a new business if it`s feasable.
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