Lapsed pension

theresa1a

Hi

I have a private pension through work that I don't pay into anymore because I do not work for the same company. I do not work at all due to long term illness.

I have not paid in to the pension since July 2007 when I left my employment due to redundancy . I keep getting statements that show that the money is dwindling at an alarming rate!

Can I get any money from this pension now?

Kind regards

Theresa

dunstonh

It is very unusual for a pension to lapse. That only tends to apply to legacy pension (pre 2001). What is more likely is that it is made paid up.

I keep getting statements that show that the money is dwindling at an alarming rate!

quite normal in a downturn. The opposite happens in periods of growth.

Can I get any money from this pension now?

No. You have to be aged over 55.

sdooley

Dunstonh, is that right, bearing in mind theresa is not working due to ill health? The Pensions Advisory Service would seem to indicate that a stakeholder pension can be brought into payment prior to 55 in cases of ill health: http://www.pensionsadvisoryservice.org.uk/Personal_and_Stakeholder_Pensions/Ill_Health/

Q & As
– I’m 46 and in poor health and want to draw a pension from my personal pension plan. Can I do this? Yes you can. Normally, early retirement benefits can only be taken once you have reached 50 (55 by 2010). However, if you are in poor health and the terms and conditions of your plan allow it, benefits may be taken at any time before age 75.
You will need to supply your plan provider with medical evidence of your poor health. If they are satisfied that you are unable to continue working in your current capacity, benefits may be paid.