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I retired from Automotive Taining Center Exton Pa October 31 2012. What month in 2913 can I expect a release of funds from a pension fund ATC has set up.

Jul 24, 2013 by kenneth from Millsboro, DE in  |  Flag
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Joe Soto Level 15

Hello Kenneth,

You should absolutely talk with your former HR Department to find out what your options are. I am wondering however if you are asking for a "pension release" or if you mean "pension unlocking".

"Pension release" is when you agree to transfer your pension savings to an arrangement that will allow you to access your funds before the age of 55. In rare cases – such as terminal illness – it’s possible to access pension funds before the age of 55. However, for most people, promises of early cash are false and are likely to result in serious tax consequences.

With pension unlocking, a person aged 55 or over can release up to 25% of their total pension as a tax free lump sum. Unlocking your pension will almost certainly mean you will have less income in retirement and, as a result, unlocking is only suitable for a very limited number of people and circumstances.

I hope this information is helpful.

Comment   |  Flag   |  Aug 26, 2013 from Burbank, CA

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Kenneth, every plan has a plan administrator, which as the name implies, administers the plan. Call HR and get the number for the plan administrator. Contact the plan administrator, and they will provide you with your complete benefit set and all your options

Comment   |  Flag   |  Aug 02, 2013 from Delray Beach, FL

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Ken,

This website does not have specific information on your pension plan. I would recommend you contact the HR Department of the company. They should be able to answer your question about your pension.

Comment   |  Flag   |  Jul 25, 2013 from Uniontown, OH

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