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Pension less than 2 years and company changing can i withdraw it
kelise
Posts: 67 Forumite
I had a pension scheme through my work which i have had for 21 months. they have now cancelled it and want us to join the new scheme. however you have to put a minimu into the new scheme. Does anyone know if i can withdraw the money i have already put into my pension which is only about £500. As it is just going to sit there till im 60 being worthless.
thanks
thanks
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Comments
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Why would it be worthless? Why cant you consolidate it with your other pensions?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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Even if you leave it where it is it is still growingmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
Hi. I'm making a few presumptions about the type of occupational pension that you have but, generally, if you opt out of that pension before you have accrued 24 months' service, you can elect to take a refund of the contributions that you have paid in. These contributions would be refunded after deducting Basic Rate tax plus the cost of reinstating you into the State scheme (if your occupational scheme was 'contracted-out'.
Hope this helps :-)0 -
What type of pension is it? What does the booklet say? Is it a Stakeholder or Personal pension plan?Warning ..... I'm a peri-menopausal axe-wielding maniac
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