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27-09-2016, 06:59 PM
1

Anyone cashed in their pension? - Need advice

Hi all,

I'll make this as simple as poss.
I'm 55 next month and want to cash in a pension.

I'm aware of the pro's and con's etc and weighed it all up.

Couple of questions though.

1. I don't want to be taxed on an emergency code (paying more than I need to) and then doing battle with hmrc awaiting a refund. Is it correct that this won't happen if I give the pension provider my current tax code? Would I need to do this via a payslip or a p60 / p45 etc for proof?

2. How long from initiating the process does it take before the funds hit your account?

I'd be grateful of any advice.

Thanks..
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27-09-2016, 08:42 PM
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Re: Anyone cashed in their pension? - Need advice

Originally Posted by fender ->
Hi all,

I'll make this as simple as poss.
I'm 55 next month and want to cash in a pension.

I'm aware of the pro's and con's etc and weighed it all up.

Couple of questions though.

1. I don't want to be taxed on an emergency code (paying more than I need to) and then doing battle with hmrc awaiting a refund. Is it correct that this won't happen if I give the pension provider my current tax code? Would I need to do this via a payslip or a p60 / p45 etc for proof?

2. How long from initiating the process does it take before the funds hit your account?

I'd be grateful of any advice.

Thanks..

Would think you need to pay an expert to help you with this.
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28-09-2016, 08:15 PM
3

Re: Anyone cashed in their pension? - Need advice

Originally Posted by galty ->
Would think you need to pay an expert to help you with this.
Yes,

I'm kinda thinking the same.....
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29-09-2016, 04:33 AM
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Re: Anyone cashed in their pension? - Need advice

Some might suggest guidance from the MMT.



No, no. Not the Modern Monetary Theory ....

Muddy, Morty and Twink. Between them they know all things about all things.
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29-09-2016, 05:22 AM
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Re: Anyone cashed in their pension? - Need advice

I would seek out an Independent Financial advisor, CAB have good advice about these matters.
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30-09-2016, 11:05 PM
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Re: Anyone cashed in their pension? - Need advice

55...
Is that all?
Did you have a big paper round?
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01-10-2016, 02:00 PM
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Re: Anyone cashed in their pension? - Need advice

Originally Posted by Tpin ->
55...
Is that all?
Did you have a big paper round?
Massive mate.
Did you get your copy of The Daily Star this morning?...
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01-10-2016, 02:09 PM
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Re: Anyone cashed in their pension? - Need advice

Originally Posted by fender ->
Massive mate.
Did you get your copy of The Daily Star this morning?...
Yep, along with cabbage and corned beef
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01-10-2016, 02:31 PM
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Re: Anyone cashed in their pension? - Need advice

The question to ask yourself is "Can you live on the new £155 per week state pension?" I think a lot of people will really be struggling with that without a company/private pension to back it up.
Next question is "Do I really need the money now, am I in terrible financial trouble right now?"

Having been a pensioner for some years now let me tell you that without my and my wifes state pension backed up by a company pension and a couple of private ones we would find it harder than we do.
Oh and we don't qualify for that £155 new state pension we are stuck with the old rates.
 

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