Wednesday 12 December 2012

“Cash my pension” – available for when you’re out of options

With the economy still not doing particularly well a lot of people across the country are finding themselves in need of cash to deal with emergencies and problems that need sorting out immediately, but not having any spare or extra resources on which to call upon in the event that it is needed.

However, there are certain cases in which you can take money from a resource you might have completely forgotten about – if you’ve been in full-time employment, chances are you’ll have been putting money into a pension account, either independently or through the company you work for automatically deducting a set amount from your payslip every month. Although you might think you can’t take any money from your pension until you reach a certain age, there are circumstances in which you can do so.

If you were unable to pay for treatment should you be diagnosed with a serious illness, for example, that would probably be grounds enough to allow you to take either a portion or the whole of your pension early, regardless of whether you are over the age of fifty-five. Depending on the pension you have and the point at which you decide to cash it in, anything you take out of it may be tax-free.

It’s not ideal to find yourself at the point where you say to yourself, “I need to cash my pension” – when it’s the only course of action available to you, it can be depressing and demoralising, not to mention confusing. If you’re unsure about what your circumstances and pension type entitle you to, log on to the website of the company your pension is provided by for more details.

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