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    gina437's Avatar
    gina437 Posts: 5, Reputation: 1
    New Member
    		  
    #1

    Jul 17, 2012, 12:07 PM
    Accessing pension funds
    Does anyone know of a way to withdraw or borrow from a "pension"? Not a 401K but a pension?
    I need funds badly and the pension people tell me I cannot have any of it.
    Wondergirl's Avatar
    Wondergirl Posts: 39,354, Reputation: 5431
    Jobs & Parenting Expert
    		  
    #2

    Jul 17, 2012, 12:12 PM
    First, tell us what you need the funds for and how much. That pension will be gold to you someday.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
    		  
    #3

    Jul 17, 2012, 12:17 PM
    A pension does is not an account where you can draw money out. Often in some payments being made by current employees are being used toward what other retired employees are receiving. It is not like you have a savings account there.

    Pension plan vs. 401(k) - by V. Kumar - Helium
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #4

    Jul 17, 2012, 01:00 PM
    This depends on the terms of the plan. Some pension plans allow you to cash out, others don't. You have to go by what the plan administrators say.
    gina437's Avatar
    gina437 Posts: 5, Reputation: 1
    New Member
    		  
    #5

    Jul 17, 2012, 01:08 PM
    Property taxes- in danger of losing my home
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #6

    Jul 17, 2012, 01:11 PM
    Doesn't matter why. If the plan does not provide provision for cashing out or taking a loan, there is nothing you can do.
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