Has Anyone On Here Cashed In Their Pension Pot?

ToraToraTora | 16:45 Thu 28th Jan 2016 | News

7 Answers

http://www.bbc.co.uk/news/business-35419330
What did you spend it on?

Should The Voting Age Be Raised?

Another Paris Scare.....

Answers

1 to 7 of 7

Best Answer

No best answer has yet been selected by ToraToraTora. Once a best answer has been selected, it will be shown here.

For more on marking an answer as the "Best Answer", please visit our FAQ.

TWR

I would not take the bait TTT, each to their own but I think it's too much of a risk.

VHG

Trouble is you have no idea how long you are going to live, and reducing your pension by taking some out is not a great idea.

I have a final salary pension that pays me £2000 a month, plus a state pension of £500 a month so I feel very happy at getting £2500 a month for "doing nothing" (which I will get for the rest of my life).

In fact I have more money now than when I was working (as I now have no mortgage nor am I paying loads of money IN to my pension).

It is only as you get older and stop working that you realise how important a pension is.

sunny-dave

It will be interesting to see how the Benefits System deals with people who have knowingly/deliberately left themselves without enough retirement income because they have cashed in a pension and spent it ...

ToraToraTora

Question Author

I don't like the idea of spending it on an annuity but the alternatives are fraught with danger, even if you are sensible. I wouldn't cash it in just to blow it, I might If I could come up with a way of generating a better income than the meagre annuity rates but without a load of hassle. I had hoped that the finance industry would have come up with some idea but alas nothing much beyond the standard fare seems to be out there.

ToraToraTora

Question Author

it'll do what it does now dave, give them the lot for nowt. Work hard to provide for your retirement and you get kicked in the plums.

ludwig

//It will be interesting to see how the Benefits System deals with people who have knowingly/deliberately left themselves without enough retirement income because they have cashed in a pension and spent it ...//

Hopefully it won't treat them any differently to those who've knowingly/deliberately left themselves without enough retirement income because they couldn't or wouldn't pay into a pension in the first place.