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  • FIRST POST
    Stu666
    Can I cancel my stakeholder pension?
    • #1
    • 18th Jul 09, 10:25 AM
    Can I cancel my stakeholder pension? 18th Jul 09 at 10:25 AM
    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?
Page 1
  • MikeJones
    • #2
    • 18th Jul 09, 12:32 PM
    • #2
    • 18th Jul 09, 12:32 PM
    Hi stu666,

    My question is, can I cancel this stakeholder pension and claim back any money I paid in?
    Originally posted by Stu666
    No.

    Virgin claim that I can not access the money until I reach the age of 50, but that they can stop receiving payments.
    Originally posted by Stu666
    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
    • By skylight 18th Jul 09, 12:34 PM
    • 10,422 Posts
    • 16,874 Thanks
    skylight
    • #3
    • 18th Jul 09, 12:34 PM
    • #3
    • 18th Jul 09, 12:34 PM
    What about a SIPP?? Self Invested Personal Pension. DIY investing within your pension.
    • dunstonh
    • By dunstonh 20th Jul 09, 10:30 AM
    • 81,059 Posts
    • 46,325 Thanks
    dunstonh
    • #4
    • 20th Jul 09, 10:30 AM
    • #4
    • 20th Jul 09, 10:30 AM
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
  • boyoscarlet
    • #5
    • 20th Jul 09, 9:29 PM
    • #5
    • 20th Jul 09, 9:29 PM
    What about a SIPP?? Self Invested Personal Pension. DIY investing within your pension.
    Originally posted by skylight
    Personally, I don't see how a SIPP could benefit someone who wants to save £5 per month into a pension.
    • Cook_County
    • By Cook_County 20th Jul 09, 9:35 PM
    • 2,754 Posts
    • 2,015 Thanks
    Cook_County
    • #6
    • 20th Jul 09, 9:35 PM
    • #6
    • 20th Jul 09, 9:35 PM
    £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
    • #7
    • 21st Jul 09, 7:54 AM
    • #7
    • 21st Jul 09, 7:54 AM
    £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.
    Originally posted by Cook_County


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