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JGM
JGM, Solicitor
Category: Law
Satisfied Customers: 11753
Experience:  30 years as a practising solicitor.
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I have a pension with Zurich Assurance Ltd which I have

Resolved Question:

Hi, I have a pension with Zurich Assurance Ltd which I have not paid into for over 10 years.
I am 48 years old and now work for the civil service and so have an adequate pension plan.
Please can you advise if I can cash in my pension and release money.
It is described as " individual retirement plan" and was via my employment.
The transfer value on 1st February 2015 was £18,011.82
Many thanks
Ann
Submitted: 2 years ago.
Category: Law
Expert:  JGM replied 2 years ago.
Thank you for your question.
From last April 2015 new rules give you the freedom and choice to do what you like with your private pension from the age of 55. You can withdraw all of it in cash if you wish. Whilst this may sound appealing, only the first 25% will be tax-free, and the rest subject to income tax at your highest rate. You are likely to face a tax bill if you cash in your entire pension at once, rather than in stages.
However, you can't do any of this until the age of 55.
I hope this helps.
Please leave a positive response so that I am credited for my time.
Customer: replied 2 years ago.

Thanks, ***** ***** any way I am able to release the cash now even if the amount of money paid out is significantly less?

Thanks

Expert:  JGM replied 2 years ago.
No.
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