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Can I take a lump sum from my pension

Kimbokai · 2014-07-13 20:41:46

I've been working 13 years and recently let go does anybody know cud I take a lump sum from my pension and how do I go about it Thanks

13-07-2014 8:41pm

#1

Kimbokai

Registered Users, Registered Users 2 Posts: 8 ✭

Join Date: July 2014

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I've been working 13 years and recently let go does anybody know cud I take a lump sum from my pension and how do I go about it

Thanks

0

Comments

#2 13-07-2014 9:08pm

Henry Ford III

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How old are you? Did you pay into any avc's?

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#3 13-07-2014 9:09pm

Kimbokai

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Join Date: July 2014

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Henry Ford III wrote: »

How old are you? Did you pay into any avc's?

I'm 29 and what is an avc ?
Thank you

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#4 13-07-2014 9:41pm

Henry Ford III

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You need to be 50 to take early retirement. AVC is additional voluntary contribution.

Sounds like you can't take a lump sum now therefore.

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#5 13-07-2014 9:49pm

Kimbokai

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Join Date: July 2014

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So there's no way I can take money from my pension even though I'm not retiring

0
#6 14-07-2014 10:34am

coylemj

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If you paid additional voluntary contributions (AVC), you are now allowed cash in up to 30% of the value of the AVC but you have to pay your top rate of tax on the withdrawal.

If you have no AVC, you cannot withdraw a cent until you draw a pension when you are 50 if the trustees of the scheme agree, otherwise at your 'normal retirement age' which is defined in your pension scheme.

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