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bigduckontax
bigduckontax, Accountant
Category: Tax
Satisfied Customers: 4416
Experience:  FCCA FCMA CGMA ACIS
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I have a very small Uk pension, its value is around £5000.

Customer Question

I have a very small Uk pension, its value is around £5000. I am now living in rep of ireland and have been told that its possible to cash it in as I live abroad. I am 45 years old.
Regards
XXXXX XXXXX
Submitted: 3 years ago.
Category: Tax
Expert:  bigduckontax replied 3 years ago.
Hello Steve, I'm Keith and happy to help you with your question. The news I bring will, I fear, be not to your taste.

As a general rule you cannot access your pension pot until you are 55. There are exceptions. If you are seriously or terminally ill is one and the other is if you have worked for the company for under 2 years they mey permit you to withdraw your contributions to date. You will see means advertised arranging access to funds if you are below 55, but they are highly expensive and you will loose at least 50% of your pension pot.
Customer: replied 3 years ago.

Hi Keith,


Thanks for that information, I will just have to wait. I cant understand though how someone I know reasonably well , who is English and lives here in Ireland reckons he cashed in 2 pension policies at the age of 45. Maybe I dont know him as well as I thought and he is just talking crap.


Anyway thanks again


Regards


 


XXXXX XXXXX

Expert:  bigduckontax replied 3 years ago.

He may well have used one of the advertised pension release schemes to which I referred in my answer and lost a big chunk of his pot in the process! He might not advertise that or maybe not realised how much he has lost.

Please be so kind as to rate me before you leave.

Regards

Keith
bigduckontax and other Tax Specialists are ready to help you
Expert:  bigduckontax replied 3 years ago.
Thank you for your support.