£11K locked in old permie job pension. Is there a way of ... £11K locked in old permie job pension. Is there a way of ...
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  1. #1

    eliquant

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    eliquant

    Default £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. #2

    xoggoth

    Guest

    xoggoth

    Default 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?

  3. #3

    eliquant

    Guest

    eliquant

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

    yes, i am under 50 and angry.

  4. #4

    DimPrawn

    Guest

    DimPrawn

    Default 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.

  5. #5

    eliquant

    Guest

    eliquant

    Default 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.

  6. #6

    thunderlizard

    Guest

    thunderlizard

    Default 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.

  7. #7

    DimPrawn

    Guest

    DimPrawn

    Default 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

  8. #8

    MilanB

    Guest

    MilanB

    Default 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.

  9. #9

    tim123

    Guest

    tim123

    Default 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

  10. #10

    eliquant

    Guest

    eliquant

    Default 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.

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