Can I Get Any Of My Pensions NOW?

chrishay

Hi Guys,

Very new to this.

I'm currently looking to getting a foot on the housing ladder so myself and girlfriend have saved up roughly 9k but for a decent mortgage deal we'll need about 15% deposit so we need some more cash. Parents are willing to help to a degree.

Anyway, that's a bit of background... I'll cut to the chase, i've had a pension for just over 2 years in my current job, through Scottish life. Is there any way I can release that money to put towards my deposit?

ANY advice would be appreciated.

dunstonh

You cannot touch pensions until you are aged 55 (50 until 2010). Even then you only get 25% of them.

If you need to use your pension money then realisitically that suggests you are not ready to buy as you cant afford it.

sdooley

That's true dunstonh, but if chrishay is close to the threshold for a 15% deposit once the parental contributions are factored in he could suspend contributions to his pension for a while to save up quicker. Most defined contribution pensions are flexible like that. If that gets him a cheaper mortgage deal it could allow higher pension contributions in future.

Nothing that can be done about the past contributions though.

chrishay

So there's is no way i can touch my contributions so far? I thought there may be a way to release what i've put in over the last couple of years but maybe have to pay a release fee, or reduced amount or something along those lines...

nomoneytoday

2 years contributions probably won't come to a great deal after the charges and admin fees etc, even if you could get at it

chrishay

Fair enough, thanks for the advice guys.

dzug1

chrishay wrote: »

So there's is no way i can touch my contributions so far? I thought there may be a way to release what i've put in over the last couple of years but maybe have to pay a release fee, or reduced amount or something along those lines...

No - this is UK taxation law, not the whim of the pension company.