Pension Query with Scottish Equitable

charliemaine1bee

Hi
Am quite new to here and am just after some advice as i dont know where to start and not a clue about pensions so apologies if i sound dumb!
My husband took out a pension plan in 2005 with scottish equitable- it says on the forms S2P.He was earning a decent wage at the time but circumstances changed and he left the company in 2007 and stopped paying into it.His last letter from them says his policy now is in paid up status??
Since taking it out hes moved house,we have married and now have a daughter.We really want to move house again and tbh the money that is there would really help us right now and hes questioning whether its a policy he could cash in now to help us or does it have to lie dormant until retirement now?
Any help would be much appreciated.

dunstonh

the money that is there would really help us right now and hes questioning whether its a policy he could cash in now to help us or does it have to lie dormant until retirement now?

He doesnt have a choice in the matter. He cannot touch that money.

Also, the way you describe it, it sounds like he is contracted out of the second state pension. So, effectively what he has for retirement is the basic state pension of £4700 a year and this scot Eq pension, which if only started in 2005, is probably very little.

Whilst it may be nice to plan for today, you have to remember to plan for tomorrow. just think how you would live on £4700 a year basic state pension and decide if you can afford to.