Energy Price Cap announcement: Watch Martin Lewis explain what it means for your electricity and gas bills this winter

Cash release from pension schemes

Hi there

I need some money to pay off my debts but I've got loans and mortgage already and desperatley need some extra cash. I've heard you can release cash from old pension schemes once you're 50. Does anyone know how it works, who to go to for advice ie/the pension provider or IFA, any recommedations would be great!




  • campercamper Forumite
    120 Posts
    If you take cash out now, you will get reduced pension when its eventually payable, so look into this very carefully.
    Talk to your pension provider first but don't sign anything until you've also had independent advice. (Need your pension provider to give you some figures, then discuss with expert who has no ulterior motives)
    Need more info than you've given here to advise either way.
    Good luck
This discussion has been closed.
Latest MSE News and Guides

Energy Price Cap change

Martin Lewis on what it means for you

MSE News

Best £1 you've ever spent?

Share your most impressive bargains

MSE Forum