Cancelling a pension

katthechimp

I have a pension from years ago with Friends Provident that I no longer pay into. It now has about £500 in it which would really help me out at the mo. Unfortunately they will not let me withdraw it. I can transfer it though so would like to see if I could do this with another provider that will let me take it out early. (im 28 and have another pension set up i pay into)

Thanks

seven-day-weekend

You will not be able to take any out until you are 55 I'm afraid.

You probably will be able to transfer it into yor new Pension.

katthechimp

know ive done it before with a diffrent pension but I cant remember who it was with

Debt_Free_Chick

katthechimp wrote: »

know ive done it before with a diffrent pension but I cant remember who it was with

It's nothing to do with the provider. The tax rules state that you cannot withdraw money paid into a pension, except in one specific situation.

If you were a member of an occupational pension scheme, your own contributions can be refunded if you leave before you have completed two years' membership of the scheme.

But if you pay into a personal pension, you can never have the money refunded. You have to wait until retirement and then take payment of the fund at that time.

It's not the provider - it's the tax regulations. No refund from a personal pension.

susieh_2

Hi DFC

Was looking for some answers to a Pension question on behalf of my hubby and came across your answer above.

Basically my oh joined his works pension in December 2007, which is administered by Prudential and he due to be made redundant, possibly Dec this year, so am I right in thinking that he and any other employees who have less than 2 years service have a right to their contributions back. Does he/they fall into the catergory of "member of an occupational pension scheme"?

Any clarification or further advise would be greatly appreciated. I thought he would be entitled to get them back, but he's just received a letter saying differently.

susieh

dunstonh

o am I right in thinking that he and any other employees who have less than 2 years service have a right to their contributions back.

No. The 2 year rule applies to occupational pensions and not group personal pensions. I am guessing it is a GPP due to you mentioning Pru.