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eliquant
27th May 2005, 17:30
£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.

xoggoth
27th May 2005, 17:57
If it's a pension, no chance AFAIK. You can only transfer it. I assume you are under 50?

eliquant
27th May 2005, 18:07
yes, i am under 50 and angry.

DimPrawn
27th May 2005, 18:52
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.

eliquant
27th May 2005, 18:56
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.

thunderlizard
27th May 2005, 19:00
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.

DimPrawn
27th May 2005, 19:10
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 (http://news.bbc.co.uk/2/hi/uk_news/england/london/4575967.stm)

MilanB
27th May 2005, 19:21
"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.

tim123
27th May 2005, 20:09
What has you not having access to the money got to do with Gordon?

tim

eliquant
27th May 2005, 20:42
Godorn is a ***** and he has made pensions worthless with taxation and proposed taxation thus forcing me into this predicament of abandon ship.

MilanB
27th May 2005, 20:48
yes there are always people in life who find it easier to blame others for their predicament

proper planning and preparation Rodders !

you only have yourself to blame for any situation you find yourself in

now, get off your backside and sort your life out and get into .Net


Milan.

Lucifer Box
27th May 2005, 22:39
Well said, Benes. As long as you read the small print, it quite clearly said "under current rules* forget any possibility of getting hold of your money until you're 50. In return, we'll give you tax relief on your contributions"

* please note, rules can, and do, change.

sappatz
28th May 2005, 20:46
official pension schemes (from government or private sources, insurance companies and such) are a SCAM
dotn expect one penny when the UK state will go bankrupt in 2030 (as forecast by serious institutes like Gartner)
this is a good thing to know

the best thing to do is to build your own pension scheme (or buy a house)

xoggoth
29th May 2005, 00:35
It appears that conscensus about legal options is what I said in 1st place. Over 50s can officially retire and draw money from some schemes (actually put money in and draw out same year plus tax refund - it's a little known scam) but for you younger sorts, no legal options.

That only leaves illegal options. I am sure there must be some. Why is there not an alternative investment industry? I would really like to invest my dosh sensibly in growth industries like cocaine smuggling, prostitution and termination services. At very least, an unethical ISA in rainforest logging or chimpanzee laundering.

sappatz
29th May 2005, 16:10
as an it contractor, you must be accointed with the illegal trade in chimapanzees :lol