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£11K locked in old permie job pension. Is there a way of ...

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    £11K locked in old permie job pension. Is there a way of ...

    £11K locked in old permie job pension. Is there a way of getting the cash into my company account ?

    I am a contractor now and I work under an umbrella company.
    I wrote to my old permie company and they stated that I can either a) do nothing and the £11K stays in the pension scheme until I retire (naturally) or b) transfer the old permie pension all £11K of it into either a new company pension or private pension schem (no I don't have one and don't want one).

    Question : Is there a cunning way of setting up a private pension scheme with a policy which allows you to quit the pension and take the money now (incurring a modest penalty fee) or not ?. See I really want to get my hands on the £11K right now to help me purchase a new home. If so then I will transfer the old pension to the new private pension scheme and disolve it pronto.

    Answers on a post card please.

    #2
    Re: £11K locked in old permie job pension. Is there a way of

    If it's a pension, no chance AFAIK. You can only transfer it. I assume you are under 50?

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      #3
      Re: £11K locked in old permie job pension. Is there a way of

      yes, i am under 50 and angry.

      Comment


        #4
        Re: £11K locked in old permie job pension. Is there a way of

        You can fill a form in and the government will transfer the money to a deserving asylum seeker. Is that any help?

        But seriously can you not setup one of these SIPP type pension plans through your company and transfer the money into that? You still won't be able to get hold of it until you are at least 50 and by that time the retirement age will be at least 90 so forget it. On 2nd thoughts you would have been better burning the money on loose women and .NET training courses.

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          #5
          Re: £11K locked in old permie job pension. Is there a way of

          yes that is why i am angry ... speding it on .net and women now is imperitive. I hate pensions. it will allow me to buy some Kit Kats when I am 50 then. Thanks Mr Gordon Brown and you greedy good for nothing rat scum Pension Policy makers.

          Comment


            #6
            Re: £11K locked in old permie job pension. Is there a way of

            You might hate pensions, but it looks like you weren't shy about letting your employer contribute to yours. I think you can only transfer it to a different pension scheme, but that might include the new pensions whose name escapes me (SIPPs?) that can include property investments.

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              #7
              Re: £11K locked in old permie job pension. Is there a way of

              Yes TL SIPP I think it is and as you say you can buy property, but £11K don't get you much property these days.

              Maybe 10% of something like this

              news.bbc.co.uk/2/hi/uk_news/england/london/4575967.stm

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                #8
                Re: £11K locked in old permie job pension. Is there a way of

                "Is there a cunning way of setting up a private pension scheme ",

                yes it's called not buying or paying into any 'pension product' but doing it yourself with a combination of plan b, property, shares, and cash

                simple eh

                Milan.

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                  #9
                  Re: £11K locked in old permie job pension. Is there a way of

                  What has you not having access to the money got to do with Gordon?

                  tim

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                    #10
                    Re: £11K locked in old permie job pension. Is there a way of

                    Godorn is a **** and he has made pensions worthless with taxation and proposed taxation thus forcing me into this predicament of abandon ship.

                    Comment

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