Discussion
bmgm3 said:
I've got a private pension that I no longer need. Is it true that you can't just actually cancel the pension and get some money back ?
If its a standard UK Personal Pension (as opposed to a Stakeholder - not sure about them), then that is true. different schemes from different companies have different rules, but the general ruling (by the Inland Revenue) state that the minimum age for taking a personal pension is currently age 50. This is very likely to change from 2010, to age 55, also there alot of changes that happening from april '05 (Called A-Day) your best bet would be to speak to your pension provider, and see what options there are avaible to you, they should know all about a-day, and how it will affect your pension.
have a look here www.a-dayadvice.co.uk/ this will explain alot about a-day.
BTW I work with personal pensions in my day job, so I could bore you to death (and confuse the hell outta you) with pensions...
Hope this helps!!!!
Tall_Paul said:
I've got a private pension that I no longer need. Is it true that you can't just actually cancel the pension and get some money back ?
If its a standard UK Personal Pension (as opposed to a Stakeholder - not sure about them), then that is true. different schemes from different companies have different rules, but the general ruling (by the Inland Revenue) state that the minimum age for taking a personal pension is currently age 50. This is very likely to change from 2010, to age 55, also there alot of changes that happening from april '05 (Called A-Day) your best bet would be to speak to your pension provider, and see what options there are avaible to you, they should know all about a-day, and how it will affect your pension.
have a look here www.a-dayadvice.co.uk/ this will explain alot about a-day.
BTW I work with personal pensions in my day job, so I could bore you to death (and confuse the hell outta you) with pensions...
Hope this helps!!!!
Thanks, but I'm kinda pissed that the nanny state decides what to do with my money ! And here's me wanting to get the cash and waste it on a fast car .....
A lot of the factors which decide what are the best things to do with your investments are governed by the state. Politicians have agendas and the financial incentives and disincentives that exist have been created specifically to further these agendas. Unfortunately, the agendas change over time, which is why policies change on an ongoing basis - so what a politician might have been encouraging you to do ten years ago may be something a political successor might want to DISCOURAGE you from doing.
It's hard to keep up sometimes.
It's hard to keep up sometimes.
I've been paying into a private pension since 1993 and calculate that my fund would be just as big if I'd stuck in a Building Society.
Pension contributions are tax-deductible of course, but thge fund is taxed, and you get taxed again when it pays out, and you're tied into an annuity which is a complete lottery. At least if you've saved it in a BS you can do what you like with it.
So - pension fund or BS? Seems to me that any extra potential growth from the former is swallowed up by commissions, management charges and tax - and is vulnerable to Govt intervention.
Pension contributions are tax-deductible of course, but thge fund is taxed, and you get taxed again when it pays out, and you're tied into an annuity which is a complete lottery. At least if you've saved it in a BS you can do what you like with it.
So - pension fund or BS? Seems to me that any extra potential growth from the former is swallowed up by commissions, management charges and tax - and is vulnerable to Govt intervention.
hustlebabe said:
I've got a private pension that I no longer need. Is it true that you can't just actually cancel the pension and get some money back ?
Phew...pension you no longer need bm??
Hand it over to me. The way my back has been feelin' recently i must be due mine very soon
Well, I do need it as such. The plan was to stop it and gets some money out of it and spend spend spend on a new car.I should never have been so quick to sign up to something I knew nothing about when I was 18...t
t ! Are you the oldest lady PH'er then ?
Rob_F said:
So - pension fund or BS?
Neither, stick it in an index tracker. Charges are normally minimal as there's not really any management to do and the growth is better than most managed funds.
Cheers,
Rob.
Index trackers have seriously UNDER performed in recent years. Just go & buy a copy of FT Money Management & you'll see what I mean.
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