I have several personal pension plans that employers have contributed into at various times in my career. I am wondering if there is a way to sell off these plans or otherwise release the equity from them? I know it is possible to cash in endowments, but I am not sure about pensions. Basically I want to release some equity from my plans to buy a home abroad (or pay off more of my existing mortgage) - as I think that will be a better long term use for my money.
Is it possible to cash-in a personal pension plan?
i know a few companys that allow this --- natural gas of america is one -- you will have to tell to the hr of each company you worked for!!!
Reply:You might be able to but then there would probably be taxes, fees and penalties on the money.
Your best bet is to enquire of the institution that is holding these pensions for you and then check with a tax specialist on the consequences of cashing out.
pulling teeth
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