Cash in pension

6059820 · Post by **6059820** » 23 Nov 2018, 20:28

I am receiving a small pension of around £4000 pa which I took early at 55. Does anyone know if I can sell it for cash. I would use towards retirement home. I am still full time employed and will receive my work pension when I retire

arnold cheshire · Post by **arnold cheshire** » 23 Nov 2018, 21:01

Small pension??

Post by **RobertT** » 24 Nov 2018, 06:40

6059820 wrote:I am receiving a small pension of around £4000 pa which I took early at 55. Does anyone know if I can sell it for cash. I would use towards retirement home. I am still full time employed and will receive my work pension when I retire

I'm assuming your £4k is a DB pension from a previous employer? If so, then no you can't cash it in or sell it.

You may have been able to get a Cash Equivalent Transfer Value and transferred it to a DC scheme, before you decided to start drawing it and therefore be able to access the money via pension flexibility rules. But because you're already drawing it, you've missed out on that opportunity!

However, you should be able to get a CETV for your post 2012 RMPP benefits(if you're in that scheme) and transfer them to a DC scheme, if you want. Details on the RMPP website.

You can't transfer you pre 2012 RMSPS benefits to DC scheme. Details on the RMSPS website.

officernopants · Post by **officernopants** » 24 Nov 2018, 22:56

I'm about to accept IHR and move abroad i stopped paying into the loss poor rm pension awhile ago can I now take the money i paid into it now as I'm leaving the uk?

Post by **RobertT** » 25 Nov 2018, 12:16

officernopants wrote:I'm about to accept IHR and move abroad i stopped paying into the loss poor rm pension awhile ago can I now take the money i paid into it now as I'm leaving the uk?

Which pension scheme are you in?
How old are you?

If you're in the RMSPS/RMPP, then you may be able to get a CETV for the RMPP and transfer to a DC scheme, as above.
Or else just take the monthly pension for the rest of your life, when you reach an appropriate age!

If it's the RMDCP, then you may be able to access the money under flexibility rules.

Either option will require you to be at least 55 to actually get at the money.

Or you may be able to transfer to a QROPS pension, which is a Qualifying Recognised Overseas Pension Scheme and access the money once transferred. But doing that before 55 may incur a tax charge even if you're no longer living in the UK.

There's another recent thread covering a similar issue here.