cashing in pensions

Discussion in 'Finance, Property, Law' started by Nicko, Mar 9, 2006.

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  1. sounds fishy but.....

    heard a rumour that ex-serivcemen and women could trade in their pension for a lump sum (considerably less than if they rx'd the pension for the rest of their life but available immediately).

    can anyone shed some light on this??
  2. Used to be known as life commutation but not been available since some time in the 1980s I believe.

    Why are you wondering.
  3. ....I'm 25 and gratefully receiving a small pension due to being MD'd after 4 1/2 years.
  4. ugly

    ugly LE Moderator

    I did a transfer of value in 89 but the companies keep folding and it costs money to keep your pension moving to a better performing fund! Its all a gamble anyway!
  5. oldbaldy

    oldbaldy LE Moderator Good Egg (charities)
    1. Battlefield Tours

    Life Commutation
    Life commutation, which is being phased out, applies only to those who gave service prior to 31 March 1978 and to that part of the pension earned by reckonable service up to 6 April 1980. This type of commutation is, as its name implies, for life and the full value of the pension cannot be restored later.

    It's a no.
  6. Cheers, thought it would be too good to be true.
    I'll just TWOC a securitas van to fund my empire