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withdrawing/unlocking pensions advice please
mid999
Posts: 3 Newbie
Hi,
Could anyone help me with this one?
I'll quickly summarise, married both mid 30's both with good company schemes (Civil Service)
We both also have one personal pension each worth £3-4K. Now paid up, as the company schemes will end up full two thirds pension. I have been told it may be possible to get this money out of the private pension schemes? Is this true? (I'd like to pay extra off the mortgage)
Any advice would be greatly appreciated
Andy
Could anyone help me with this one?
I'll quickly summarise, married both mid 30's both with good company schemes (Civil Service)
We both also have one personal pension each worth £3-4K. Now paid up, as the company schemes will end up full two thirds pension. I have been told it may be possible to get this money out of the private pension schemes? Is this true? (I'd like to pay extra off the mortgage)
Any advice would be greatly appreciated
Andy
0
Comments
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It's not possible to get any money out of a pension until you're at least 50 - 55 by 2010.At that point you can a 25% tax-free cash lump sum out. You must take the rest as a taxable income.The capital is not accessible.
Surprising how many people don't seem to realise that.Trying to keep it simple...
0
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