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By (user no longer on site)
over a year ago
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Like others said , depends on type of pension . Many company pensions can take a tax free cash sum but only at the minimum age they've set - generally that's 55, some occupations are younger. If you only contributed for a short time I'm sure you can get a refund of contributions - I've got two years in my head, but it's a long time since I worked in that field. It's all going to depend on the type of pension you've got. Like others said - best to get proper financial advice. |
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By *oodmessMan
over a year ago
yumsville |
"Can you cash in a pension? I have a very small one from an old job, about 3k and wondered whether I could??"
There was a recent news report that suggested there will be a 40% tax on people cashing in all of their pensions to try and curb a mass withdrawal. Taking out up to £3500 shouldn't be affected, but sums over this would be likely to attract a hight rate.
There was discussion later with Cameron saying we trust people to spend their money wisely and how they like, but I would seek advice re. the tax rate when you look to cash it in
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