FluffyTheCampfireSlayer

Hi There............we have two pensions, one with Scottish life (which C currently pays into along with employer contributions), the other with, Norwich Union, which I stopped paying into some time ago but have contracted out NI contributions payed into.

Does anybody know of a way of cashing these in early? There is probably in the region of 20K GBP stashed away, which would come in very useful at this stage of our lives as opposed to 40-50 years time!

Any and all advice warmly welcomed!

thebears

Would ignore the temptation - which I cant see how you could access it anyway. It would cost you dearly in the longer term.

In Oz you do however get some additional short term benefits out of certain pension / Superfunds - check them out ie insurance policies etc.

TrickyTrev

UK pension law states that you cannot cash your pensions in.... as far as I am aware!! So what you have in them cannot be accessed till you reach age 50 (increasing to 55 at some stage in the future) and 65 (also increasing) for your NI contributions. Best thing to do is to check with the providers direct! There is also this ongoing chestnut for all of us BE members.... to transfer to Oz..... or not..... or when!!!

Trev

twhurl

Anyone know what age you can access them in Oz.
I thought that since you can add alot to Oz pensions over the next few years and withdrawing is tax free then the only issue for transferring your UK is what age you can access them in Oz (And also if you plan on going back to UK)
Thanks !

thebears

Correct me if I am wrong but I think there is something whereby if you leave Australia permanently you get your super contributions back?

However that would appear very drastic measure to take - you would loose your residency, passport etc.

"This payment is called the departing Australia superannuation payment (DASP)."

http://www.ato.gov.au/superprofessio...1/006&st=&cy=1

4Reids

Hi,

I enquired a while back about cashing in my pension. The company told me you cannot cash in a pension early, only transfer it to another pension. Hope this helps.

Tasha x

Tiggs+Graz

I cashed in a uk pension a few years ago but that particular pension only allowed you to cash in within two years of the start date. I just phoned up the company involved and they gave me the details and sent me the paperwork to cash the pension in.

Tiggs

northernbird

If you are a PR or citizen you cannot do this. You can only do this if you are here on a temporary visa.

thebears

hmmm suits me then

twhurl

At what age can you start drawing your pension in Oz ?

thebears

http://www.ato.gov.au/super/content....01/007&st=&cy=

paulb

My Mrs has a pension that we would like to acces however she is only 36!! I know you cant cash it in, but are there companies that buy the fund from you??

Anybody know??

Sleeping Beauty

i am going to tag on the end of this, as we have several pensions in the uk and we dont know what to do about them?

TrickyTrev

Don't think this pension market exists. Its not like the with-profits endowments that can be sold on the open market place. Probably because pensions are a 'personal' policy with the tax advantages that come with them, probably not allowed by the government!!

Trev

TrickyTrev

I do believe that this option was only for members of a company pension scheme (final salary only?) who had joined the company pension scheme and then left the employ of that company within a two year period. The employee would have the option to have a full refund of contributions. I am pretty sure this option was withdrawn in recent pension rule changes. Don't take my word for it though.... as ever, always ask your pension provider... they WILL know!!!

Trev