Does anyone know how my friend can sell his pension please?

[bankhater10]

Hi there, please can anyone help me? My friend has been unemployed for a while now as he has had to have a big operation on his knee, he used to pay into a mutual pension wih Scottish Amicable when he used to work for a company 4 years ago. His fund is currently £2010, he rang them to ask was there any way in which he could cash it in and they said that there wasn't, am i right in thinking that there are companies out there who are able to buy these pensions out? Thankyou for your answers in advance...!

[MARTIN3030]

Theres lots of info on the internet about this.

heres some general guidance I picked up.

 

 

Strictly speaking you are not able to sell your pension, however; the term Selling Your Pension is often used when someone wants to take a lump sum of cash from their pension fund before retirement. Selling your pension, or as it should be called Pension Release or Pension Unlocking or even Pension Surrender is, for the most part, not an advisable move.

This is due to the fact that pensions exist to provide a pension plan member with an income during their retired life. The income might be obtained via an occupational pension scheme or a personal pension scheme. This "selling your pension" prior to your pensionable age would usually result in a reduced income during retirement.

If you use the term Selling Your Pension, even incorrectly, it is still likely you mean that you want the option to unlock part of your pension fund as a tax free, cash sum, with the rest of the pension fund providing an income for life, although taking income can be delayed as late as age 75.

Selling Your Pension, whether through cashing in an occupational or personal pension, still usually gives you the option to take a cash sum as well as income. This tax free, cash sum is known as the Pension Commencement Lump Sum or PCLS.

 

I think that many firms would only be interested if the Pension was worth more.

15k is the figures I have seen.

 

However I think you should have a look around-as with everything theres always a top and bottom end of the market.

[bankhater10]

Brilliant once again Martin, thankyou so much!!

[bankhater10]

Hi again, iv had a quick look through the net and it appears that there really is NOTHING you can do if you are under the age of 50, is that correct?

[MARTIN3030]

It would appear so.

[robbie_ship]

Well done on taking someone else's copy and writing it off as your own,

 

Selling Your Pension | Pension Release by Grove

[toddle2u]

Theres lots of info on the internet about this.

heres some general guidance I picked up.

 

Can't see how Martin is trying to pass it off as his own with a rider like that!

 

Also well done on picking p on a thread that is 18 months old

[loopinlouie]

Well done on taking someone else's copy and writing it off as your own,

 

Selling Your Pension | Pension Release by Grove

 

Not A nice or fair comment

[bankhater10]

What a foolish foolish comment by robbie_ship!!