Can I cash in a Winterthur pension now?!

Muststopworrying

Hi all,

Bascially I joined a pension scheme with Winterthur in 2000, it seems i paid about £2500 into this, and my employer £5000 over the time i worked for the company. Was made redundant so it stopped there. I receive a statment each year.

The current one shows £7500 odd was paid it, with last years value being just over 11k.

However, the current value has dropped almost 3k!!! so is now worth £8500.

I am sure i once heard i can sell this? as i am thinking if it continues to drop i am going to be left with nothing, also i have basically invested £2500 into it, so even if i sold it for 1/2 its current value then i will still be a couple of grand up.

Seems easy in black and white, but i am sure its not!

Can anyone advise please?

Thanks!

MrChips

The short answer is you probably can't access it now.

It's locked in until you retire which you can do from age 50 until 6 April 2010, and then from age 55 only. Then you could take 25% as a tax free lump sum with the remainder used to purchase a pension from an insurance company.

If you reach age 60 and this is your only pension provision (or you have no more than about £17,000 in total across all pension funds), you could access it as a lump sum, although 75% of it would be taxed at your marginal rate.

dunstonh

I am sure i once heard i can sell this?

you didnt. Its not possible.

as i am thinking if it continues to drop i am going to be left with nothing

What makes you think it is going to continue to drop? Investments zig zag in value. That is normal.