Cash release from pension schemes 6 January 2006 at 4:31PM in Over 50s MoneySaving 1 reply 937 views

shopaholic2000

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!

Thx

Shopaholic2000

camper

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