Freeing up pension

Discussion in 'Finance, Property, Law' started by opsmeister, Jul 8, 2011.

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  1. I am after advice from the ARRSE hivemind. I left the army a couple of years ago having qualified for a pension. I made the decision to pay off all my debts with my lump sum, including getting rid of the negative equity house. I now need to find a reasonable lump of cash (25k) fairly quickly. Before I borrow I wondered if there was any way I could leverage my pension. I am on a decent salary now and so dont need the small amount that I receive on a monthly basis, but do need to find the lump in comparatively short order. The Internet doesn't seem to understand military pensions. Can I borrow against it? Can it be transferred? I have a couple of very well performing private pensions so if I can use the military pension to solve my immediate problem it would be very useful.

    All sensible advice gratefully received (by Mon morning if possible!).
  2. Have you spoke to Xafinity?

  3. A bit late, I am afraid.

    Under the 1975 scheme, you can commute the pension (take cash rather than some of the monthly pension) but that has to be done within a short time of leaving the Services. The 2005 scheme offers no such opportunity.

    So, the answer is "no", to my knowledge.

    I hope you managed to find the money elsewhere!