Cashing in a pension?

{Dakota}

I've just been going through my files and found old paperwork about a Stakeholder pension I used to contribute to taken out in the early 90's and I seem to have stopped contributing in December 2005.

I remember it was a personal pension and nothing to do with my then employers.

Fast forward to 2009, I was made redundant in February and I'm struggling to pay my mortgage, so is it possible to cash in this pension? I hope so, the amount sitting there will pay my mortgage arrears in full.

Advice will be welcomed

jem16

No you can't cash it in.

If you are over 50 you can take 25% as a tax-free lump sum (changing to 55 from April 2010).

{Dakota}

Oh I'm only 31. I got a bit excited withmyself there thinking I'd found old cash LOL.

Thanks for the information, I appreciate it

McKneff

Its pension not a savings account that you have contributed to therefore you cannot cash it in.
Anything else is as Jem says, sorry.

On the plus side, think how much it'll be worth when youre 55

{Dakota}

LOL, that's true. I'll start contributing to it again when I find employment and sorted myself out