Pension transfer
#1
Just Joined
Thread Starter
Joined: Oct 2018
Posts: 1


Hi can anyone let me know if there is a pension company were I could transfer out of a local government scheme put it into the new company and then transfer oiut off ASAP as I need the money for a prject in Spain. I have had a consultation with a company advising not to transfer out but I am not taking their advice.
Thanks
Thanks

#2
BE Forum Addict






Joined: Jun 2009
Location: Valencia area
Posts: 1,103












Hi can anyone let me know if there is a pension company were I could transfer out of a local government scheme put it into the new company and then transfer oiut off ASAP as I need the money for a prject in Spain. I have had a consultation with a company advising not to transfer out but I am not taking their advice.
Thanks
Thanks

#3
Lost in BE Cyberspace










Joined: Feb 2008
Posts: 5,138












Only advice I would give is be careful, at least with government pension you have what you are due, others may promise a lot but your pension may evaporate rapidly.

#4
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Joined: Aug 2005
Location: Chiclana de la Frontera Cádiz
Posts: 1,609












Hola
A fool and their money are soon parted springs to mind. Your local government pension is index linked and if you are of an age where you can extract money from it, then you should have sufficient knowledge that to do so could well mean you need to apply for benefits at a later stage. Spain doesn't have the benefits package that the UK has. You have been advised NOT to cash in your pension presumably by a conscientious financial advisor - from the information given that was GOOD ADVICE
Davexf
A fool and their money are soon parted springs to mind. Your local government pension is index linked and if you are of an age where you can extract money from it, then you should have sufficient knowledge that to do so could well mean you need to apply for benefits at a later stage. Spain doesn't have the benefits package that the UK has. You have been advised NOT to cash in your pension presumably by a conscientious financial advisor - from the information given that was GOOD ADVICE
Davexf

#5

There are companies who will transfer against IFA advice, but I would suggest you might be better looking for a loan / mortgage to fund your project.
