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Frozen Company pension

I got made redundant a few years ago, so my company pension was frozen. after phoning the pension company I was told I can't cash it until I reach 55!!! Is this right?

Comments

  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    It is.Actually you can't cash it in then either, only 25% will be available as cash, the rest will have to buy you an income for life - unless the pension is very small.Then you ight be able to get it in cash when you're 60.
    Trying to keep it simple...;)
  • dunstonh
    dunstonh Posts: 120,195 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Also, the fact you mention "frozen" and "company pension" means that 25% may not be available at 55 either as there may be penalties for commencing the occupational pension prior to the scheme retirement age.
    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.
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