Frozen
pension money is that part of your earned salary that has been kept
dormant in your previous company’s frozen pension account. It may
seem lost and unattainable to you. But, don’t lose hope, with right
people on your side you can have your frozen pension fund out, in no
time.
There
are companies employing such people that are well-versed in the
financial structure of frozen pension that they can take out the
frozen pension
fund in no time, utilizing the minimum resource possible.
And
in both case, whether you are financially stable or unstable, you can
use the frozen pension fund as per your needs.
Some
Misconceptions
Many
people think that frozen pension funds may take more of their money
and instead, they will end up getting lesser amount than they have
employed in taking out that fund.
It
is not wholly true. You may end up in loss if you were in the pension
scheme only for few months, in your previous company. But it will be
fully profitable if you worked in a company for a year or so. Also,
some companies take only a percentage of what you will be getting out
as a frozen pension fund.
What
Uses?
Well,
there is always a use for some extra money and your frozen pension is
not much different. But, some of the uses that can really benefit
you, are been highlighted in the lines to below.
- Help in financial crisis: If you are dealing with a financial crisis in your life then you can use the frozen pension fund to gain back your financial stability. With the frozen pension fund, you can take care of your daily and monthly needs until you get back to your original life.
Getting
out of financial crisis can only be done with some extra money. But,
if you take someone else’s money then you will only end up
incurring more debt. The best thing in such situation is your own
money. Take out your frozen pension funds and get away from financial
crisis of your life.
- Start-up for business venture: The frozen pension fund can have a good use as capital of new business venture. If you are a business minded person and are looking to set-up your business then you will need capital for the initial business process.
The
frozen pension fund will give you some extra amount of money and you
will not have to take any money from your daily usage. That will keep
yours and your family’s life stable, giving scope to your business
venture.
- Adventure trip: If you and your family members wanted to go on an adventurous trip and have been planning to do such tour for a long time then the frozen pension funds can come handy in such situations.
With
the frozen pension fund, you can have an adventurous trip of your
lifetime and that too without disturbing your current lifestyle.
- Tax and debts: If you have incurred unwanted taxes and debts and it is taking a toll in your life then frozen pension funds can pay for it. It may happen that the unwanted debts and taxes can be using the money from your monthly usage and you may not be living your life properly.
Also,
the debts may be destabilizing your stable life routine. With frozen
pension fund, you can take care of your debts and taxes without
disturbing your life.
- Change of living Standards: With some spare money you can change your living standards. Frozen pension funds can provide you that amount of spare money.
With
that money, you can go buy that dream house of yours or the car you
have wanted from a long time ago. You can do any thing and buy any
thing with your frozen
pension fund’s money.
So,
don’t let your money lie there doing nothing, instead take it out
and use it to change your living standards.
- Investment for future: You can use your frozen pension funds in investments for future. You can use the money to invest in a good prospect and can save it for future needs. The money can be used in situations like emergency etc.
Therefore,
it is much better not to think that money as lost and employ right
people and get back your frozen pension fund.
With
your frozen pension fund, you can have a smooth life style, opting
for many other things at the same time. So, instead of thinking your
frozen pension money as lost, you should employ the right company and
get your frozen pension funds out.
