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Leaky30

Pensions ....can I draw it early??????

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Hiya,

Please can someone give me some advice. I was made redundant in 2007 and got a nice payout and some pension back. At the time i did'nt think the pension was much after paying into it for many many years.

 

I never thought anymore about it until 2 weeks ago. I was talking to an old work mate who i have not seen since we lost our jobs.

 

He was not very happy that he is now getting taxed on his pension from Birds Eye and asked if i was getting taxed aswel. I told him i did'nt get a pension and he was shocked and told me i must get something as i payed into it for years.

 

So i found an old pay slip and rang Unilever, they told me my pension(which i did'nt know i had) was frozen until i reached 55.

 

They are going to send me information of it through the post. The thing is i have just joined the new company pension so is there a way to cash in the Unilever pension???? Thanks very much.

Edited by honeybee13
Spacing.

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Hello there.

 

Were you in a final salary pension scheme with Unilever please? There are strict Inland Revenue rules about cashing in pensions and I'm not quite sure why you had a refund when you left.

 

Have you not been receiving annual statements of your benefits?

 

My best, HB


Illegitimi non carborundum

 

 

 

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To be honest HB i have'nt a clue what sort of pension i was in, all i know is every now and then the pension was frozen and we could'nt pay into it. I got a payment of about £1,600 when i was made redundant, and i dont get a statement, occasionally i get a news letter from Unilever but thats all. They are sending me all my pension information in the post. Thanks.

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Hello again.

 

I think you may need to await their letter for clarification.

 

Could it be that you didn't pay in because there was a 'contribution holiday'? There was a time when schemes were well funded and employers and/or employees could have a year or two off without paying. In a final salary scheme that shouldn't have affected your pension.

 

HB


Illegitimi non carborundum

 

 

 

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My advice is to hang in until you are at pension age otherwise if you claim benefits, the pension amount is deducted from the benefit. In essence the pension money does not make it any better.

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and you will get taxed on it, however you may be able draw some of it as a lump some, which you dont pay tax on.

get all the info first though.

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Your pension is basically frozen until you reach the normal retirement age of the scheme. If you are over 55 you can elect to have your pension paid now but it will suffer from an actuarial reduction of typically 4% per year for taking it early. get in touch with the scheme administrators (The Pensions Advisory srvice will tell you how if you dont have an address) and ask them where you can get a copy of the rules and also a pension statement. This will tell you what you will be entitled to and if you get cost of living increases whilst you are a deferred member of the scheme.

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