When can you unlock your pension?

Ginger_Red · 15 October 2010 at 1:24PM

jenwa wrote: »

I work with Grove Pension Release - and they specialise in, guess what, Pension Release or unlocking. There are indeed pros and cons for pension release, but as with everything it is worth talking to a professional - whomever you go with.

What you have to remember is that your pension is there for you to plan for that rainy day with. That day when you can no longer work but you still need money to live off. Therefore digging into it now, hoping that you will win the lottery at some point, is not a good idea. If you have bank accounts that would make Simon Cowell look like the Battersbys, then releasing from your pension might simply be a nice way of getting at that cash now and enjoying it.

Whatever you do, you should consult someone in the know AND think about your future without a pension. Could you live without one?

If anyone has substantial bank accounts, why would they need to dig into the pension that is intended to be there to support them in retirement ?

cashbackproblems · 15 October 2010 at 2:06PM

jesselivermore wrote: »

I am well under 50 and would like to liquidate several very small pension schemes for cash i need now.

I've read that if you were at a firm for less than two years you can redeem your pension scheme for cash?

is there a difference between contributions made by one's employer and those made by the employee ('voluntary contributions'?) ?

This is the case in my companies pension scheme (its the one where u pay 5% and they pay 15%) where if you leave within 2 yrs you can cash it in, but as pointed out its only if you do it when you leave.

When can you unlock your pension?

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free