Selling Pension

A question about : Selling Pension

Hi,
I have now heard that we can sell private pensions that are sitting doing nothing. Is this true? Does anyone know how I would go about selling my pension.

Thanks

Best answers:

• Nope, not allowed AFAIK.
• Unless SpiderMam mean transfer to a lower cost / better performing fund?
• But under no circumstances can you transfer it to another person in return for cash. i.e. you can't sell it.
• Maybe the OP is thinking about April 2006 change to let you commute a trivial pension fund (less than Ј15k I think) to a lump sum if you're aged 60 to 75?
• How strange, how the parameters can change. You can now unlock capitol from your pension of say 25% as long as you are over 50. In my case, i started my pension in 1991 and was 25 years old, and the basis of my pension was that i could start getting my pensionable benefits at the age of 45, as that was the predicted year i want to retire. Now i have found that i can not only NOT take the pension early at the stated start age of 45, but it is not classified under the mis-sold pension plans that were investigated from this particular year.
• Hi there are a number of sites where you can sell (unlock) your pension. This involves getting out tax free cash to the value of up to 25% of the fund value. It is suggested that this is a last resort but in the current climate might be better than borrowing more money
• I have had a private pension for many years. I have been made redundant (nearly a year ago now) and have had no luck finding employment. My house could be at risk if I don't find a solution soon.
  Is there anyway I can access the pension funds as waiting till I'm 50 and homeless doesn't really appeal
• Is there a limit to the amount you can put in if you have a non-contributary pension? I am concerned I am adding over the legal limit and want to stop if this is the case?
• 100% of your income (although there are limits to be aware of if you earn over Ј130k or your contributions in the year are getting into that range)
• Gnd, if it's a lot of money the main concern is checking that you're getting the best available deal, since best deals depend to some extent on how much money is involved. In particular paying a fee to an IFA can get a significantly better deal than some other approaches, like commission or some do it yourself options. Depends on just how much money is involved and where you want to invest.
• I took my 25%, at 53yrs age, and have had an annual payment since.
  I have been told that the "Trivial" amount has now increased to Ј18,500, but this is still frustrating to me as it means I cannot access the balance of this small fund (currently Ј25k) which would be more useful to me now since I have been made redundant and need Ј20k to finish building my retirement property.
  I would happily take a reduction in fund value down to the allowed Ј18,500 in order to have the full amount now but even this is not permitted...
  It seems that it can't be sold and can't be withdrawn, as a lump....seems that, in the UK, we have no control over our money!!!
• Hi Dunstanh
  Thanks for the comments.
  Actually I was hoping that by taking an annual amount the total would decrease and eventually meet the "Trivial" amount which seems to be increasing at the rate of Ј500 per year.
  I was told that, at some time, I would be able to draw the whole balance if this ever occurred.....maybe, as with so many things financial, I was misinformed.
  I never chose to have this money locked in this way it was enforced by a company for whom I was working some years ago.
• Forgot to say that the maximum annual allowance I am offered is Ј1800 gross (Ј1350.00 nett).