Can I have my pension money back please?!

dawe

Hi,

I've been self-employed since I graduated (some 10 years ago) but 5 years ago I took a full time job as well to supplement income. I'm paying into the company pension scheme. I'm currently on maternity leave, and my self-employed work is now bringing in more money so I'm soon going to be handing in my notice to my employer.

I don't have a private pension so I'd quite like to just have the money back! Does anyone know if this is possible? I've been looking around online and it does appear that if you've been with your employer for more than 2 years then you either have to wait until retirement for the money, or put it into a private pension. Does anyone know a way around this? I'm really not worried about the company contributions, they can keep theirs, I'd just like my contribution back!

Thanks

jem16

There is no way around it.

A pension is for retirement, it's not a savings account.

nesssie1702

You can only get your contribution back if you've been there less than 2 years.

Kavanne

i think you just have to make sure you keep all the paperwork and come back to it when you do retire. Sorry!

dunstonh

As you are self employed, you really need to be concerned with retirement planning as the self employed dont get the full state pensions. So, at the moment, you have no personal pension and a small occ scheme which has a signficiant benefit being left where it is.

jasonwatkins

thought i'd post in here since my question is essentially the same.

i was alerted this week about an old company pension i started when I was 19 - i'm now 39.

It's basically sat there, untouched for 20 years and the company (Trafalgar House Pensions) actually sent a bulk letter to the DWP to try and locate me, which they did.

I spoke to the woman briefly this week and while she obviously couldn't tell me exact figures until my ID has been verified, when I told her that the last time I was aware of it, it had around £3,500 in the fund. She told me there was more than that in it at the moment, but that was all she could really tell me until she received the form back which she sent me - which I posted today with a photocopied birth certificate.

Does it sound like something I could cash out ?

Or could I essentially do something similar to an endowment policy and sell it?

I really don't know much about it at all, and i'll contact the office again in a week or so to try and get more information.

If I couldn't cash it out, could I transfer the balance to my state pension ?

I wouldn't be looking for a 100% return on it if I did cash it out mind, so I wouldn't expect a cheque for a couple of grand or anything

I'm not working currently, and haven't for 10 years, so it's not like I could pay anything into it either ..

Any information or clues would be most welcome, thankyou

dunstonh

Does it sound like something I could cash out ?

No.

Or could I essentially do something similar to an endowment policy and sell it?

No.

If I couldn't cash it out, could I transfer the balance to my state pension ?

No.

You either leave it where it is (and in future keep them up to date with your change of addresses) or you transfer it into another pension.

jasonwatkins

dunstonh wrote: »

You either leave it where it is (and in future keep them up to date with your change of addresses) or you transfer it into another pension.

I did keep them updated for a few years, but I think it must have just got lost in the shuffle as i moved around.

Thanks for the advice though.

dunstonh

I have reported the spams to the board. This is one of those scam companies that rips people off. Offshore company, no FSA authorisation and no consumer protection.

And like me i had nothing to lose.. but everything to gain.

You have everything to lose and nothing to gain. If you were a real person you would realise you have been scammed. However, you are self promoting your scam service.

firebrad

ok so could you transfer your pension and then get at your money as it had been less than 2 years with the new pension?

Cheers in advance

Froglet

Again,no.Don't mean to be facetious or clever but the clue is in the word 'pension'. A pension is something you draw on when you reach pension age.Which for a private pension is a very generous 55 years old.The state pension is 60+ depending on when you were born.

Pensions set up within a company,have their own rules as to whether you can withdraw if you leave within a short time.Even if it is allowed you only get back your contributions,minus the tax relief you got on them.