Pensions..........

[ELVIS68]

If a pension statement gives you a figure and "transfer out" option, does this mean you can cash it in now or just move it to somewhere else?

[dothawkes31]

you will lose a certain amount in transfer fees and or penalties, leave it where it is if you can, you can only cash it in if you are going to retire too, if you are still working you can't take it , if you are not still working I think you have to be over 55 or theerabouts, i have a 28 year old House of Fraser pension that i only paid into for 6 months in 1980/81, it's worth several thousand now and will be worth more in 10 years time when i retire, but if i move it I;'ll lose a hefty chunck apparently, i've already asked about doing that.

[ELVIS68]

It`s not the main company pension, it`s an optional one where I pay £80 a month

Just could do with the cash at the mo, and start it up again

[dasherman]

You can't touch any pension money until you are 55. The most you can do with it before then is transfer it to another pension.

[dzug2]

And when you are 55 you can only take 25% of it in cash. The rest (in various ways) has to be used to buy a pension.