Can I cash in my pension from an old employer or when I leave a company? YES! We can help you
YES! We can help you contact your old employer and get them to release your pension cash that is due to you. We have access to a team of experienced UK pension cash experts that have helped many customers release their pension cash from their old employer or old companies. If you think you have a old or frozen pension that is with a company you used to work with then you could be entitled to £1000’s cash. Here is what you can expect with our service:
☑ £10000s Cash Paid To You
☑ CASH In Your Old Employer Pension
☑ Trusted Cash Pension Experts
☑ SELL Your Old Company Pension
☑ Use The Cash For Anything You Like
Can I cash in my pension from an old employer? If you no longer work for a previous employer or you no longer work for a company then you could well be entitled to cash in your pension pot. Breaking ties with an old employer can be a pleasant experience, especially if you are moving onto a new employer that has provided you with a pay rise! There are some cases where you should be able to cash out a pension when you leave your job because your pension could be frozen, and if you do have an old frozen pension from your employer that you not receiving then maybe you cash out. There could be huge tax implications if you do so.
Can I cash out my pension if I leave my job?
If you are under 55 and you are trying to withdraw your pension then you will be facing high tax implications, if you were employed by a previous employer. When you no longer work for a company changing over your pension could affect your future employment pension scheme. If you have a protected pension that is protected if you are under 50 years of age, there is normally no barriers or obstacles with regards to protected pensions. You would normally cash out your old employer pension and while you are continuing to work with a different employer. Things would be different though if you are a manager or you run and own a company and you are the sponsor of your own pension then you would resign from the company before you can cash out your pension. You will have to leave your employer if you have a protected pension when you are aged between 50 years of age and 54 years of age. Almost immediately you can begin work with a different employer or company provided you have not linked your old employer who ran their pension scheme. If you decide to try and cash out your old employer pension or you want to re-join your old employer should hold off for a minimum of 6 months before doing so. Generally, this rule is not applicable if you going to start a different job.what happens to your pension when you leave a company, employer or job
There are a few options available to you if you leave your job and still want to cash in your pension. If you are holding on to your current pension cash fund in a live pension scheme then you could consider these options:
1) Transfer your current pension cash to another pension provider
2) Think about starting pension contributions by simply transferring your group pension (personal or private)
3) You could stop paying cash into your current employer or job pension although this could affect your cash savings later on down the line
4) Speak to your old employer before you leave your job to find out what options could be available to you moving forward.
Why would you cash in a pension from an old employer
From our research and experience working with various IFA there is not one single reason why people who have UK pensions cash in their pension pot from an old employer. There tends to be multiple reasons why this happens. The most common reasons include the below:
1) Facing debt and need to cash out their pension from an old company
2) Moving jobs so need to money to support cost of living
3) Lost their job from an old company and so need to cash out to pay everyday bills
4) Pay for a luxury item such as; holiday or new car
Can i cash in a pension from an old employer: what you should know
You may or may not get pension cash payments from an old employer – this will depend on how long you have been with a company for or how long you have been employed. The less amount of time you have been working for your employer the smaller your pension cash out amount will be. Each company and employer are different in terms of what type of pension scheme they have in place or which type of pension scheme is being introduced to their employees. If you looking to retire but you have a frozen pension with an old employer or company then you really should get in touch with them to see what you are entitled too.
Contact our cash out pension team regarding old employers
We have a network of IFAs who can help you locate any pensions that have been associated with any old companies to help you decide if you can cash this is or not.