Sunlife Pension

tully187villa

i have a sunlife pension that has not been paid into for over 5 years due to me being made redundant from my last job.

i have since found new employment and pay into the companies pension scheme.

I have received a statement from my old pension stating that it is worth 14k.

I would like to gain access to this money to take a chunk out of my mortgage and help pay for my wedding later this year.

I contacted Sunlife to see if this was possible they told me that the government forbids me until i am 50 and will be extending the age to 55 later this year - is there anyway i can gain access to the money?

Thank you.

dunstonh

I would like to gain access to this money to take a chunk out of my mortgage and help pay for my wedding later this year.

I contacted Sunlife to see if this was possible they told me that the government forbids me until i am 50 and will be extending the age to 55 later this year - is there anyway i can gain access to the money?

You cannot touch money in a pension until you are aged 55 (50 until 2010). Even then you will not be able to access 75% of the capital as its for the provision of a pension.

Its to stop people doing impulsive or silly things with their pension.... such as paying off their mortgage or paying for a wedding

tully187villa

Great can't wait for the projected £891 pa in 30 years time:j

sebastianj

Consider that the tax man has also contributed to the 14k then it might make some sense.
seb

brianrhill

Slightly off subject I know, but if you don't make any more contributions to your pension fund, then there's a good chance that all you'll have to live on when you come to retire will be state pension (peanuts) and £891 (more peanuts) per year.

tully187villa

Thanks for your reply Brian, i contribute to my current company pension. Seeing that i cannot touch the money i will either transfer the sunlife policy into my new scheme or reinitiate payments. If i could have used the money for what i hoped to use it for i may have been able to up my contributions.