Morning all,i,ve got a £1000 in a friends provident scheme from an old job that i,d quite like to have in my pocket instead,anyone know if you can just phone them up and cancel it and get the cash,i am giong to phone them but they dont open till monday.Just wondering if anyone has done this.
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Pension question
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Posted 1 year ago #
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How old are you?
Posted 1 year ago # -
36
Posted 1 year ago # -
I don't see a problem, but you probably won't get anywhere near 1k.
Posted 1 year ago # -
Thats what i,m afraid of,they are sure to stick me up for canceling somehow
Posted 1 year ago # -
You can get the money out of a pension scheme, however you won't receive all £1000. There will be redemption fees that need to paid out of it and you will need to pay tax on anything that you receive as you won't have paid tax on this income previously.
Posted 1 year ago # -
Very unlikely. IIRC unless you've got mitigating circumstances like retirement through ill health, you can't get at it till you're 50.
Posted 1 year ago # -
And that 'somehow' will be in the T&Cs that you read before signing the contract.
Posted 1 year ago # -
Check your T&C but I think the 50 year age limit is government legislation. No point giving you all that tax relief just so you can cash it in and spend it.
Posted 1 year ago #
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