Chicofan Posted December 14, 2011 Report Share Posted December 14, 2011 Allright folks I was wondering if anyone knew about this subject? I have 2 pensions at previous employers which i am unable to transfer to my existing employer and was wondering is there anyway of releasing these funds or are they tied up until retirement age? I was advised that this was the case at the time but wondering if any legislation has changed recently or anything? Any advice would be welcome Quote Link to comment Share on other sites More sharing options...
Allan Heron Posted December 14, 2011 Report Share Posted December 14, 2011 You can't get your hands on any of the money until you've reached retirement age* You can transfer it to an indvidual arrangement if you can't transfer to your new employer. Whether this is worthwhile will also depend on what type of scheme you're in - if it's salary related, I'd sit tight. Even if it's defined contribution you might be as well sitting tight as the costs for an individual scheme are likely to be higher than would be the case in a group arrangement * - normal retirement age will be set within the scheme but you'll be able to retire with trustees and/or employers consent from age 55 although benefits will be reduced to reflect early payment. Quote Link to comment Share on other sites More sharing options...
Chicofan Posted December 14, 2011 Author Report Share Posted December 14, 2011 You can't get your hands on any of the money until you've reached retirement age* You can transfer it to an indvidual arrangement if you can't transfer to your new employer. Whether this is worthwhile will also depend on what type of scheme you're in - if it's salary related, I'd sit tight. Even if it's defined contribution you might be as well sitting tight as the costs for an individual scheme are likely to be higher than would be the case in a group arrangement * - normal retirement age will be set within the scheme but you'll be able to retire with trustees and/or employers consent from age 55 although benefits will be reduced to reflect early payment. They were Alan thanks for the advice Why is it all so bloody complicated though? the first one i took out couldnt be transferred to second one, and neither can be transferred into my current one! Not talking small companies here either that need to be holding onto the cash! Quote Link to comment Share on other sites More sharing options...
Allan Heron Posted December 15, 2011 Report Share Posted December 15, 2011 They were Alan thanks for the advice Why is it all so bloody complicated though? the first one i took out couldn't be transferred to second one, and neither can be transferred into my current one! Not talking small companies here either that need to be holding onto the cash! It's an obligation to be able to offer a transfer value, but there's no obligation to receive. A number of schemes have limited and/or blocked off receiving transfer values particularly if they are offering fixed or salary related benefits. The actual cost of the benefit might exceed that received so they can avoid exposure to this risk by not accepting transfers. Of course, they wouldn't increase your benefit if it worked out the other way. Quote Link to comment Share on other sites More sharing options...
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