A friend of mine worked for a multinational and has about 6K saved in his pension scheme which is a defined contribution scheme. He has worked for over 2 years in this company and so cannot cash in his pension.
he desperately needs to cash it in as he needs the money to fund a course .
Can he purchase a buy out bond ? if so how does it work and how much would it cost? and how would he go about getting one?
Appreciate any replies.
He cannot access the cash until he retires. A buy out bond just transfers the funds from his old employer's fund into a new fund in his name,but the new fund is managed by a life insurance company.
Brendan,
Would it be possible to transfer his old pension i.e the 6K into a new pension scheme with a new employer and then cash the lot in a years time on leaving this new employer?