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unlocking pensions
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any advice on unlocking pensions?
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No best answer has yet been selected by burnley1955. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.Consider your long term wealth before you even think of unlocking your pension/s.
It might seem like a good idea to get a windfall to pay off the mortgage or other debts or even to pay for a holiday or a new car. But it will also reduce your income in the future,and when you consider that you could be in retirement for 20 years or more,that's a long time to be struggling for money.
You might find this useful:-
http://www.fsa.gov.uk/Pages/Library/Communicat ion/PR/2003/014.shtml
It might seem like a good idea to get a windfall to pay off the mortgage or other debts or even to pay for a holiday or a new car. But it will also reduce your income in the future,and when you consider that you could be in retirement for 20 years or more,that's a long time to be struggling for money.
You might find this useful:-
http://www.fsa.gov.uk/Pages/Library/Communicat ion/PR/2003/014.shtml
My reference to dodgy companies was to some of the firms that encourage you to unlock your pension by switching it to a product with them- transferring the accumulated pension fund out of an occupational pension scheme, or a pre-1988 self-employed retirement annuity, into a personal pension. They usually charge a pretty big fee and the returns are much lower than you would get from staying in the ocupational scheme.
This is a good article showing the options
http://www.moneyextra.com/guides/pension-unloc king-033147.php
This is a good article showing the options
http://www.moneyextra.com/guides/pension-unloc king-033147.php
You can get more details about the pension plans in this site.
http://insurance-plan-guide.blogspot.com
http://insurance-plan-guide.blogspot.com
It would seem that the general consensus is NO it's not a good idea. You'll end up with a massive shortfall in your retirement income. Last resort....
http://legal-aide.net...ly-a-sensible-option/
http://legal-aide.net...ly-a-sensible-option/
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