Pension advise please

[Its Him Again]

I have a small pension fund with £13000 in it.
When I'm 65 in 13 years time I will receive £343 a year from it.
I have a chance to cash it in now.
I want to cash it in .

Would anyone choose not to ?
Thanks

 

[AndrewP]

I have a small pension fund with £13000 in it.
When I'm 65 in 13 years time I will receive £343 a year from it.
I have a chance to cash it in now.
I want to cash it in .

Would anyone choose not to ?
Thanks

Just cash it in obviously. Unless you think you'll live longer than any royal ever, in which case still cash it in.

Worst annuity deal ever by the way.

 

[Slow joe]

Cash it in and spend the money on going to Sunderland games.

 

[Its Him Again]

Cash it in and spend the money on going to Sunderland games.

I will be marra .
Seriously thinking of a month off work and travel Europe

Just cash it in obviously. Unless you think you'll live longer than any royal ever, in which case still cash it in.

Worst annuity deal ever by the way.

I'm in shock with the miserable offer.
I paid about 3k into it when I was a bairn so not really bad I guess

 

[chunkyshanhawk53]

Cash it in
Hire out a large house in Malta
Get loads of swingers and blow
Double your money
Edit: don’t do that

 

[AndrewP]

I'm in shock with the miserable offer.
I paid about 3k into it when I was a bairn so not really bad I guess

That annuity deal is laughably bad, it would take about 38 years to break even, ignoring interest.

 

[Its Him Again]

Cash it in
Hire out a large house in Malta
Get loads of swingers and blow
Double your money
Edit: don’t do that

My health not the best at the minute.
Do you think blowing it all on a 3 month career is worth it

 

[Black Dog]

I thought you had to be 55 or over to get near your money. Check you won't be hit by a tax demand as happens with some release schemes.

 

[Its Him Again]

I thought you had to be 55 or over to get near your money. Check you won't be hit by a tax demand as happens with some release schemes.y

I thought it was 55 however with this scheme it's 50.
I called today to double check

 

[chunkyshanhawk53]

Better suggestion

Buy a plot of land in Damascus
Build a restaurant
Find a bloke who makes cracking full English breakfasts and would be willing to move to Syria to cook them
Don’t allow Syrians to eat there when they’re massively pissed up

that’ll show them

 

[Kevsgreat]

State pension age goes up to 67 for blokes in 6-8 years. That'll give me about 30 more year working. Plus whatever else will be added on by then. I'll take the £13k ta.

 

[bomber]

I have a small pension fund with £13000 in it.
When I'm 65 in 13 years time I will receive £343 a year from it.
I have a chance to cash it in now.
I want to cash it in .

Would anyone choose not to ?
Thanks

spend it in spoons a get yourself a nice beer belly,anything left owa get some bulldog tatts on ya neck.

 

[Its Him Again]

Better suggestion

Buy a plot of land in Damscus
Build a restaurant
Find a bloke who makes cracking full English breakfasts and would be willing to move to Syria to cook them
Don’t allow Syrians to eat there when they’re massively pissed up

that’ll show them

I'm in.
Funny you mentioned that .
They tried to build a new mosque here.
Three burger vans turned up selling bacon sarnies .
It didn't get built

 

[Black Dog]

I thought it was 55 however with this scheme it's 50.
I called today to double check

Yes I have checked it is possible if you scheme allows.

Personal pensions

Personal pensions, stakeholder pensions, SIPPs

www.gov.uk

Watch out for being pushed into 40% tax.

 

[Old Prestonian]

My health not the best at the minute.
Do you think blowing it all on a 3 month career is worth it

You spelled carer wrang there.

 

[Tuono]

That annuity deal is laughably bad, it would take about 38 years to break even, ignoring interest.

That's about the same annuity deal as mine, I worked out it would take approximately 40 years to break even so once I hit 105 I'm quids in!
Is it possible to transfer a pension into another scheme? Pension numpty me like.

 

[SAFC1962]

My advice would depend on your earnings this year. You can take 25% tax free, £3250, if you are a 20% tax payer you will pay £1950 tax on the £9750. Before cashing in , consider what you expect to earn next year, if you have been paid off or anything similar encash on 6th April, it may be you 'have no tax to pay.

Irrespective, deffo get the bugger out! (Just be tax careful)

 

[Old Prestonian]

My advice would depend on your earnings this year. You can take 25% tax free, £3250, if you are a 20% tax payer you will pay £1950 tax on the £9750. Before cashing in , consider what you expect to earn next year, if you have been paid off or anything similar encash on 6th April, it may be you 'have no tax to pay.

Irrespective, deffo get the bugger out! (Just be tax careful)

He's a Malteser these days so will be subject to whatever tax regime they have over there.

 

[Deleted member 40035]

That's horrendous, so glad I don't have a pension. Cash it in.

 

[Herr Lipp]

That's about the same annuity deal as mine, I worked out it would take approximately 40 years to break even so once I hit 105 I'm quids in!
Is it possible to transfer a pension into another scheme? Pension numpty me like.

Yes but depends on the type of pension you want to transfer, possible exit charges etc....saying that most pensions which started in the last 20 years are free to transfer with no penalties.

FYI - no one buys an annuity anymore. Just draw money as and when you need it