Pension advice

[ramsfan]

i worked for a company for 3 years and paid into a scheme i left the company last year and with my new company the pension is fully paid by them, so my previous pension is really not needed.

is there any way i can cash it in.

[centre mid]

Yes but you only get 75% I think, the tax man gets the rest, (unless this has changed in the last cople of years) I did it a few years back.

[ramsfan]

how can you do , do pension admin do it or what

[paul_oshea]

if you have been paying into one for 2 years or more with the same company you can take it out, but i only thought that was the case if you were leaving the country.....i have a friend who is an actuary in pensions, ill ask him for ye ramsfan, otherwise id say stuttgart88 would know a bit about this too.

[dortie]

i worked for a company for 3 years and paid into a scheme i left the company last year and with my new company the pension is fully paid by them, so my previous pension is really not needed.

is there any way i can cash it in.


Why dont you transfer the funds from the old provider to the new one???

[pete]

If you pay for more than 2 years you are entitled to transfer (not cash in) the total sum (includes employer contribution too). Less than 2 years mean lose employer contribution.

You can usually choose to leave the sum in the existing scheme so money continues to be invested but obviously no additional contributions added. Alternative you may be able to transfer the money into a different scheme (possibly with new employer).

I am no expert so that just my opinion.

[ramsfan]

thanks lads

[stann]

I'd agree with Pete's second sentence. If you're not desperate for the money, and particularly if your current pension is a good one, leave your old pension alone.
Even with no more contributions going into it, if you're only a young fella with loads of time on your side, then that could be a tidy little sum by retirement age, and a handy supplement to your main pension.
If, on the other hand, you feel you're at a disadvantage in starting a new pension (in years say - I don't know your age - or in contribution levels) then it'd be better to transfer your old fund into your new one, bulk it up more in the crucial early stages, but all things being equal I'd leave it where it is.