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Old 24.08.2012, 17:23
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Cashing in UK pension fund

Hi all

I have recently been informed that I have accrued a nice pot of money in a UK Retirement Savings Plan, of which I was unaware!

Anyway, I would like to cash this in early but have been advised by the fund administrators that it won't be possible since I had apparently opted to contract out at the time of taking out the policy. They advised me that I would have to transfer to another fund who may or may not allow me to cash it in (does anyone have knowledge of one that would facilitate it?)

Also, I think I may have bits and pieces lying around in other pension funds at companies that I have worked at over the years in the UK. Is there an easy way to find out what is where or do I need to contact each company myself? I should add that I am living abroad at the moment.

Does anyone have experience of a similar situation please? Any advice very gratefully received
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Old 24.08.2012, 18:15
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Re: Cashing in UK pension fund

FSA warns consumers over pension unlocking schemes

Beware also of advice/approaches from salesmen posing as IFAs/financial experts who will encourage you to transfer the money offshore (e.g. via QROPS scams) so that they and/or the companies they represent can transfer a large part of it to their own pockets.
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The sort baby-like cry that will attract the attention of the roaming offshore IFA is any sign of financial weakness ...
'All I want is somebody to help me keep my money safe for a rainy day, but I don't have a clue about finance.' This is the type of statement that would send cash registers ringing in the mind of any offshore IFA worth his salt.
http://www.ameinfo.com/65933.html
Quote:
The first rule of protecting yourself from an investment swindle is to rid yourself of any notions you might have as to what an investment swindler looks or sounds like. ...
They are often highly trained professionals who are good at what they do -stealing money and assets from people. They work very hard to come across as smooth, professional and successful.
http://www.crimes-of-persuasion.com/...n/advisors.htm
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