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Cash in stakeholder pension
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ngc82
Posts: 1 Newbie
Can anyone tell me if it is possible to cash in a stakeholder pension. I took it out with Scottish Widows in 2001 and stopped it in late 2004 and only paid £50 a month into it so its not a huge amount.
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Comments
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You cannot cash in a pension. They are only partly accessible from age 50 (rising to 55) from 2010.
The Govt doesnt give tax relief, tax free growth and tax benefits to the employer (where applicable) to then allow people to spend the money before their retirement.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.0 -
The only way to 'cash in' a stakeholder pension is under the triviality rules. If you are over the age of 60 and your total pension funds do not exceed 1% of the Lifetime Allowance (currently £1.65 million, therefore 1% being £16,500) this option will be available to you.
Prior to this age there is no way to cash in a stakeholder pension in full.0
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