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  • #1

    I may be wrong!

    But after reading so much info from the web, and looking through all of the posts on this super duper forum, am i correct in thinking i may be able to relieve my pension provider of 25% of my hard earned pension cash at age 55, even if i continue to work??????

    It may be right, but i am of the age and experience where if it seems too good too be true it probably is....

    Short background......
    I have a pension with Scottish Widows that i pay nothing into and is now worth around £14000.

    My main pension is with my current employment and this will help to keep me living in the lap of poverty that i currently enjoy

    If i am able to take the cash sum, i would want to carry on taking anything else when available.

    Not a big amount i know, but it all helps, and if i know for sure i am entitled to a cash windfall in a few years time i can actually start to plan something nice for my nearest and dearest......
    Steve
    Tags: age limit, axing, banks, care, cash, con, credit, credits, employment, energy, free, government, hmrc, letter, pay, pension, pension credit, pension pot, pensions, poverty, private, reading, savings, schemes, scottish, small, spending, stamps, tax, wife, working, wrong
  • #2
    Re: I may be wrong!

    Under£18000 they will give you the lot as a lump sum.

    Comment

    • #3
      Re: I may be wrong!

      Originally posted by Enforcer View Post
      Under£18000 they will give you the lot as a lump sum.
      OMG!!!
      Hi Enforcer......
      I think i may have had a little age related accident...

      So at age 55 i can have the whole lot if under £18000........
      Is that cast in stone????
      My goodness my better half will be in for a treat and a half with that windfall......
      Would it be tax free????

      Thanks so much for the reply Enforcer, i really do appreciate your help.....
      Steve

      Comment

      • #4
        Re: I may be wrong!

        Look up trivial commutation. Tax may be payable, depending on circumstances.

        Comment

        • #5
          Re: I may be wrong!

          tax is likely to be deducted if you are still working, no one receives a pension and still works without them taxing it as far as im aware.
          I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

          If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

          Comment

          • #6
            Re: I may be wrong!

            Originally posted by SXGuy View Post
            tax is likely to be deducted if you are still working, no one receives a pension and still works without them taxing it as far as im aware.

            That is true once your thresshold is reached then wam/bam , taxed (BR), I even get taxed on £27.00 a month and receive about £ 22.75, £109.00 every 6 months and only receive £84 .64 and so on and on, yet if I did not have some small pensions (Thanks to Gordon Brown) who stopped you topping up any existing pension after age 55, then you had to take a stakeholder pension with what you wanted to top up normal pension with.,, But no savings then you got pension credit which came to the same amount with all the benifits that you cannot get if you have the private pensions, who is better off???????? the ones that could not be bothered.
            Last edited by The Tech Clerk; 4 October 2013, 19:16.
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

            • #7
              Re: I may be wrong!

              I quite agree with tech clerk. I pay tax on £48.00 a month, will have to live 20 years, just to break even! A con trick.

              Comment

              • #8
                Re: I may be wrong!

                haha, thats something we always talk about at work. People always say, oh you must earn your stamps, or you wont get a full pension, but they seem to forget, that it gets topped up with pension credits anyway. It is indeed a con.
                I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                Comment

                • #9
                  Re: I may be wrong!

                  I'm in a teacher's pension but have only been in it for the past 4 years 'coz it was never my intention to become a teacher..... so I doubt it'll be worth much if I live long enough to retire. The thought of spending another 17 years in teaching is enough to make me consider jumping off a cliff though, to be honest! How the Government thinks 60-67 year olds will have the energy to teach feral teenagers effectively is beyond me... but we all know they don't care about that side of things, don't we?

                  There's another small pension pot of mine kicking about as well and years ago, I remember reading a letter telling me I could draw out a lump sum at 50.... although due to recent changes, that's not going to happen now.

                  Bloody Government!
                  Last edited by PriorityOne; 5 October 2013, 12:33. Reason: typo
                  Remember the mantra:
                  NEVER communicate by 'phone.
                  Send EVERYTHING by Recorded/Special Delivery
                  Keep a copy of EVERYTHING sent
                  Keep hold of EVERYTHING received
                  PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                  I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                  If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                  Comment

                  • #10
                    Re: I may be wrong!

                    55years old collect in most cases my O.H. is waiting for that.
                    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                    Comment

                    • #11
                      Re: I may be wrong!

                      Thanks guys for all the comments, much appreciated.
                      Steve

                      Comment

                      • #12
                        Re: I may be wrong!

                        Originally posted by The Tech Clerk View Post
                        55years old collect in most cases my O.H. is waiting for that.
                        Yep, my wife gets hers in just under 6 weeks, nice lump sum then about £30.00 a week.

                        Comment

                        • #13
                          Re: I may be wrong!

                          Sorry Stuff the banks - the age limit is 60. Please see the attached link to the HMRC web page.

                          http://www.hmrc.gov.uk/pensionschemes/small-pen.htm

                          Originally posted by stuff the banks View Post
                          OMG!!!
                          Hi Enforcer......
                          I think i may have had a little age related accident...

                          So at age 55 i can have the whole lot if under £18000........
                          Is that cast in stone????
                          My goodness my better half will be in for a treat and a half with that windfall......
                          Would it be tax free????

                          Thanks so much for the reply Enforcer, i really do appreciate your help.....
                          Legal Disclaimer
                          I am a solicitor Advocate who specialises in consumer credit and my firm is Joanna Connolly Solicitors. My leading case of Carey v HSBC set the legal precedence for creditors compliance with s.77 & s.78 Consumer Credit Act 1974 statutory requests & enforcement of debts in court. Any posts I make on the AAD Consumer Forum are for information and discussion purposes only and shouldn't be seen as legal advice. Any advice I provide on the forum is without liability. If you are unsure please seek formal legal guidance or contact your local citizens advice bureau at https://www.citizensadvice.org.uk.

                          If you need to contact me you can send me a message by clicking my username or by emailing me at jo@joannaconnollysolicitors.co.uk or by telephoning 0330 053 9340.

                          Comment

                          • #14
                            Re: I may be wrong!

                            Originally posted by josie888 View Post
                            Sorry Stuff the banks - the age limit is 60. Please see the attached link to the HMRC web page.

                            http://www.hmrc.gov.uk/pensionschemes/small-pen.htm
                            Bloody Government.....
                            Remember the mantra:
                            NEVER communicate by 'phone.
                            Send EVERYTHING by Recorded/Special Delivery
                            Keep a copy of EVERYTHING sent
                            Keep hold of EVERYTHING received
                            PriorityOne & CPUTR 2008 (ex P1 CAG CPUTR 2008)

                            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

                            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

                            Comment

                            • #15
                              Re: I may be wrong!

                              Originally posted by josie888 View Post
                              Sorry Stuff the banks - the age limit is 60. Please see the attached link to the HMRC web page.

                              http://www.hmrc.gov.uk/pensionschemes/small-pen.htm
                              Thanks Josie,
                              Oh well, at least i can look forward to a 25% lump in a few years from now when i hit 55.....Its not all bad i guess....
                              Steve

                              Comment

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