GaryCat

I have a pension which I've been paying into for about 20 years (I'm 42 now) and it's not performing that well but my advisor said to keep it as it has a guaranteed sum at the end. But I'd rather get the money out and put it to some better use like property development etc.

So... Can I do this? How much tax will I have to pay on it? Will I lose loads in early withdrawal charges?

what would scooby do

Nope, can't cash in pensions IIRC

shaunywrx

You can, but there'll sting you something rotten for cashing it in early, unless it's a very large amount, it's probably not worth bothering.

TopBanana

You can't get at any of it until you're 50.

You can switch what you're invested in very easily though. If you want to invest in property, I'm sure you could find plenty of funds to suit.

GaryCat

Cheers, yeah aftre doing more reading it looks like I'll have to wait until 50 at least.

I guess I'll just have to get on to Picture Loans

JP4

iTrader: (12)

Be careful of going into property development given the current situation. A lot of people are holding out tight for the storm to settle. Unless you can find something really cheap in the auction and that you are sure there will be a good return, then don't follow the crowd.

James Neill

iTrader: (1)

Take a look at a SIPP - you can move your current pension to it and choose your own risk level

Where can I invest? | Vantage SIPP | Pensions & retirement | Hargreaves Lansdown