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Pension Query,cashing it in ?

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  • 24-01-2013 8:17pm
    #1
    elaverty
    Registered Users Posts: 399 ✭✭


    High a friend of mine (really)was paying into a pension for i dont know how many years,but he stopped contributing to it about 2 years ago i think,,anyway there is 40K in it now,he cant afford to pay into it any more,,,Is there anything he can do with it as regards cashing it in or selling it or something,,,He says whoever is manageing it is takeing about 500 euro out of it every year,,,well his balence has been 500 euro less for the last 2 years and he is thinking by the time he is 65 there will be nothing left in it for him,,,any suggestions on what he could do,,,thanks


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    #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    How old is he? Is it a Personal Pension, or an Employer's scheme?


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    #3
    elaverty
    Registered Users Posts: 399 ✭✭elaverty


    Its a personell pension and he is about 40 yrs old,,paying into it for about 8 ish years i think,,thanks


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    #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,711 Mod ✭✭✭✭Henry Ford III


    60 is the earliest he can normally take benefits, any earlier only in the event of serious ill health.


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    #5
    elaverty
    Registered Users Posts: 399 ✭✭elaverty


    Can it be Sold on or anything,,,


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    #6
    coylemj
    Registered Users Posts: 25,435 ✭✭✭✭coylemj


    elaverty wrote: »
    Can it be Sold on or anything,,,

    No, and I believe it can't be used as security for a loan either.


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