Can I cancel my stakeholder pension?

Stu666
Stu666 Posts: 131 Forumite
First Post First Anniversary Combo Breaker
in Pensions, annuities & retirement planning
About eight years ago when there was a bit of a scare in the media, I hastily signed up for a stakeholder pension with Virgin Money. Thankfully I only opted to start with monthly payments of £5.00, and had planned to vastly increase them. As it happens I simply forgot about it.

Now I'm not really fond of the idea of pensions, I would rather save the money in my own bank and invest it myself.

My question is, can I cancel this stakeholder pension and claim back any money I paid in? Virgin claim that I can not access the money until I reach the age of 50, but that they can stop receiving payments.

Any advice?

Comments

  • MikeJones_2
    MikeJones_2 Posts: 778 Forumite
    First Post
    Hi stu666,
    Stu666 wrote: »
    My question is, can I cancel this stakeholder pension and claim back any money I paid in?

    No.
    Stu666 wrote: »
    Virgin claim that I can not access the money until I reach the age of 50, but that they can stop receiving payments.

    That's correct.

    Maybe not what you wanted to hear, but hope that helps.

    Mike

    I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.
  • skylight
    skylight Posts: 10,716 Forumite
    First Post First Anniversary Combo Breaker Home Insurance Hacker!
    What about a SIPP?? Self Invested Personal Pension. DIY investing within your pension.
  • dunstonh
    dunstonh Posts: 116,296 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
    Now I'm not really fond of the idea of pensions, I would rather save the money in my own bank and invest it myself.

    You can invest your money inside the pension wrapper how you want. The wrapper doesnt have that many limitations with conventional investments.

    Hopefully, if you do intend to do your own investments, your knowledge on tax wrappers and investing has improved since you bought the Virgin stakeholder. That has to be one of the worst out there.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • boyoscarlet
    boyoscarlet Posts: 4 Newbie
    skylight wrote: »
    What about a SIPP?? Self Invested Personal Pension. DIY investing within your pension.

    Personally, I don't see how a SIPP could benefit someone who wants to save £5 per month into a pension.
  • Cook_County
    Cook_County Posts: 3,085 Forumite
    First Anniversary First Post
    £5 a month is excellent because you get tax relief on the way in, tax-free growth and can pull out 100% at age 55 because of the tiny size of the pot.
  • bendix
    bendix Posts: 5,499 Forumite
    Cook_County wrote: »
    £5 a month is excellent because you get tax relief on the way in, tax-free growth and can pull out 100% at age 55 because of the tiny size of the pot.

    :rotfl::rotfl::rotfl:

    I hope you're being ironic. I fear you're not.
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