mantamark
Member
Registered: 19th Jun 06
Location: Northumberland
User status: Offline
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I got a letter through yesterday saying i had a pension account from an old job, got about 8k in it.
Question - can i cash this in? Or is it locked tighter than a nuns chuff til im 103?
Or is it not worth cashing in due to fees, and would i get taxed on it?
Just so happens i could really do with 7-8k at the minute!
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micra_pete
Premium Member
Registered: 23rd Apr 03
Location: West Yorkshire
User status: Offline
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quote:
Originally posted by mantamark
locked tighter than a nuns chuff til im 103?
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Marc
Member
Registered: 11th Aug 02
Location: York
User status: Offline
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I have one with an old employer. You can transfer the funds if you want to, but not cash in.
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Balling
Premium Member
Registered: 7th Apr 04
Location: Denmark
User status: Offline
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Merge it with your current pension.
You might find 8k useful right now for what ever luxury you feel you need, but in the end the amount of money you've saved up decides how early you can retire.
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micra_pete
Premium Member
Registered: 23rd Apr 03
Location: West Yorkshire
User status: Offline
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:tin hat:
By the time most of us on here need our pension....
The government will extract the cash from our pots.
Or the pension age will be higher than the average death age.
[Edited on 13-06-2012 by micra_pete]
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AndyKent
Member
Registered: 3rd Sep 05
User status: Offline
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I understand you actually can extract money out, but it involves buying land or property off yourself and charging a rent which the fund recieves (rather than yourself).
Not much can be bought for £8k though 
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