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<blockquote data-quote="Dennis" data-source="post: 18307" data-attributes="member: 1338"><p>Hi James,</p><p>If you mean can you take the pension money as cash and spend it, I'm afraid the answer is no. Current legislation surrounding pensions says that you can't just cash the pension in. You can only use the money to buy an annuity. You are allowed to take 25% of your pension fund as cash (tax free) but the rest has to be spent on an annuity.</p><p></p><p>If you knew that you had very little time left, then you would be best to leave the pension fund where it is rather than buy an annuity, because when you peg it all the money in the fund will be paid back to your executors as part of your estate. What you could do of course (and this is just a thought not advice to you!) is borrow the money you want to splash out from a friend or relative, and leave them the amount you borrowed in your will. They then get paid back the loan after you die!</p></blockquote><p></p>
[QUOTE="Dennis, post: 18307, member: 1338"] Hi James, If you mean can you take the pension money as cash and spend it, I'm afraid the answer is no. Current legislation surrounding pensions says that you can't just cash the pension in. You can only use the money to buy an annuity. You are allowed to take 25% of your pension fund as cash (tax free) but the rest has to be spent on an annuity. If you knew that you had very little time left, then you would be best to leave the pension fund where it is rather than buy an annuity, because when you peg it all the money in the fund will be paid back to your executors as part of your estate. What you could do of course (and this is just a thought not advice to you!) is borrow the money you want to splash out from a friend or relative, and leave them the amount you borrowed in your will. They then get paid back the loan after you die! [/QUOTE]
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