Jump to content


MoonTop

There is a way to cancel a previous employer Pension and Life Assurance Scheme?

style="text-align:center;"> Please note that this topic has not had any new posts for the last 2449 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

Hi all,

 

From my previous job I had subscribed to my employer Life and Assurance Pension Scheme (normally I can withdraw the money only at 60 years old). I started being sick when still working with this employer. However, until today (6 years later) due to my remaining sickness I cannot work and I would like to know if I can cancel this scheme in goal to use it money for my present need (health and social). I may have around £5000 in this scheme.

 

Thanks in advance for your help,

Edited by MoonTop

Share this post


Link to post
Share on other sites

Hello there.

 

Pension schemes are tightly regulated by the Inland Revenue, so I would be surprised if it could be cashed in, sorry. These schemes are designed to provide people with an income in retirement and it's hard to touch them before you're 55 or 60.

 

If you're under that age, then you would normally only be able to transfer the fund into another pension scheme.

 

If someone is so ill that they are not going to work again before retirement age, some schemes will pay an ill-health pension.

 

You could approach the administrator of the scheme and ask what options you have.

 

My best, HB


Illegitimi non carborundum

 

 

 

Share this post


Link to post
Share on other sites

Hi,

 

I have called my previous employer pension and life assurance scheme today and surprisingly they have told me that they have sent me 5 years ago a letter (that I had not received) but according to them I have not respond to it and also they have cancelled my scheme and sent my scheme's fund into my employer account. They equally told me that the letter was not by recorded delivery (I strongly suspect that the had not sent anything).

 

I have sent them a fax today for this purpose, hoping that they will allow me to cash the scheme.

Edited by MoonTop

Share this post


Link to post
Share on other sites

Hello,

 

It definitively impossible to cash the pension scheme since that was only my employer that had 'physically' contributed.

However, I have three months to transfer my scheme to another pension provider else they will refund it to my employer.

 

Also, I would like to know if there are pension providers that could allow me to use this pension as a deposit for a small mortgage or rental property deposit.

 

Thanks in advance for your help,

 

MoonTop

Share this post


Link to post
Share on other sites

Hello again.

 

It definitively impossible to cash the pension scheme since that was only my employer that had 'physically' contributed.

However, I have three months to transfer my scheme to another pension provider else they will refund it to my employer.

 

Hello again. This sounds very unusual about refunding the money to the employer; do you have anything in writing please?

 

If you have three months to transfer your fund, did they say anything about the scheme being 'wound up' at all? Normally, funds from a wound up scheme would go to another type of pension scheme like a s32 buyout plan, a SIPP or a personaly pension for example. I still don't think you can have the money as cash.

 

As for using the scheme as a deposit, I don't quite see how if the money is tied up until you reach pension age, but someone else may know more than I do.

 

Have you tried a service like the government's Money Advice line?

 

https://www.moneyadviceservice.org.uk/

 

HB


Illegitimi non carborundum

 

 

 

Share this post


Link to post
Share on other sites
Hello again.

 

It definitively impossible to cash the pension scheme since that was only my employer that had 'physically' contributed.

However, I have three months to transfer my scheme to another pension provider else they will refund it to my employer.

 

Hello again. This sounds very unusual about refunding the money to the employer; do you have anything in writing please?

 

If you have three months to transfer your fund, did they say anything about the scheme being 'wound up' at all? Normally, funds from a wound up scheme would go to another type of pension scheme like a s32 buyout plan, a SIPP or a personaly pension for example. I still don't think you can have the money as cash.

 

As for using the scheme as a deposit, I don't quite see how if the money is tied up until you reach pension age, but someone else may know more than I do.

 

Have you tried a service like the government's Money Advice line?

 

https://www.moneyadviceservice.org.uk/

 

HB

 

Since that was 6 years ago, they have required two weeks in goal to find the contract (i have lost mine equally...).

 

https://www.moneyadviceservice.org.uk/ offer the same advice then at Citizen Advice Bureau : I have applied for crisis loan (several time), and DWP considered that "I am not in emergency and there is no risk for my health or safety". In addition it is difficult to find landlords/estate agent that accept dss.

Edited by MoonTop

Share this post


Link to post
Share on other sites
Since that was 6 years ago, they have required two weeks in goal to find the contract (i have lost mine equally...).

 

https://www.moneyadviceservice.org.uk/ offer the same advice then at Citizen Advice Bureau : I have applied for crisis loan (several time), and DWP considered that "I am not in emergency and there is no risk for my health or safety". In addition it is difficult to find landlords/estate agent that accept dss.

 

Hello there. It's a shame about CAB and the DWP, I'm sorry.

 

I was meaning asking the money advice people about withdrawing your pension fund as cash or using it as a deposit, because I haven't come across it.

 

HB


Illegitimi non carborundum

 

 

 

Share this post


Link to post
Share on other sites

Hello,

 

The background of my request is that a compromise agreement has been signed and in the scheme policy nothing is clearly said regarding when it is the employee who is leaving the company or the company that has made the employee redundant.

 

It seems that it only after 2 years that an employee can contribute to the scheme...but presently i am requesting a copy of the contract signed in goal to compare it with the compromise agreement.

Edited by MoonTop

Share this post


Link to post
Share on other sites
Hello,

 

The background of my request is that a compromise agreement has been signed and in the scheme policy nothing is clearly said regarding when it is the employee who is leaving the company or the company that has made the employee redundant.

 

It seems that it only after 2 years that an employee can contribute to the scheme...but presently i am requesting a copy of the contract signed in goal to compare it with the compromise agreement.

 

Hello again.

 

As I think I said, the only way to find out more about the pension scheme is to ask. Do you have the name of a person or a department that deals with the scheme somewhere in your paperwork?

 

HB


Illegitimi non carborundum

 

 

 

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...