does anyone know if retirement plans can be cashed in early. - HotUKDeals
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does anyone know if retirement plans can be cashed in early.

greyparrot Avatar
7y, 5m agoPosted 7 years, 5 months ago
as above really would like to know how we stand if it is possible to do.
greyparrot Avatar
7y, 5m agoPosted 7 years, 5 months ago
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#1
By retirement plans do you mean pensions?
#2
Goonieman
By retirement plans do you mean pensions?


yes sorry.
#3
you can but you lose alot of it i think
#4
I believe you can take your pension early but the amount would be severely reduced. Best check with your provider for the exact amounts.
#5
mmm just been on the phone to the provider and they said you cannot cash it in till you are at least 50 the other option is to transfer it to another provider that you can cash it in at any time. so big favours here do any of you know any providers that do this?
#6
Yes - but you will lose handsomely.
banned#7
you'll get taxed heavily if you cash it in as it was a tax free investment from gross pay. I believe you cannot withdraw any more than the rpemiums paid in, whatever the value and then this amount will get 40% tax on it (possibly NI of 12% too).
banned#8
You can take a pension plan out generally from the age of 50. However as the pension has to cover you for the extra 15 years to the standard pension age, so you receieve a lot less from it.

Check here for more advice though

http://www.pensionsorter.co.uk/uk_pensions_basics.html

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