been told i can't cancelled a pension is this correct ?

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Sarahharry
Sarahharry Posts: 1 Newbie
in Pensions, annuities & retirement planning
due to losing my job can no longer afford to pay in to my personal pension with standard life and don't feel will be worth it in the long run, when asked if could cancel and get money back was told this is not possible as it has to stay in a pension is this true ? would be grateful of any advice please ?

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  • dunstonh
    dunstonh Posts: 116,389 Forumite
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    Correct. Its called a pension because the money is put aside to pay you pension in retirement. Its not a savings account with access.
    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.
  • molerat
    molerat Posts: 31,875 Forumite
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    Yes you cannot cancel. SL normally have a 1 month cancellation period after that you are committed. You can keep it there or transfer it to another pension though.
  • Aegis
    Aegis Posts: 5,688 Forumite
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    All you can really do is stop paying. This money is for your retirement, you'll probably be grateful for these rules when you hit retirement age.
    I am a Chartered Financial Planner
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
  • foxy-roxy
    foxy-roxy Posts: 891 Forumite
    Holiday Haggler
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    yes, i have just sorted my pension and it did state clearly in the paperwork that if i stop paying into it i won't get my money back it will be frozen until i retire.

    Just forget about it and it will be a nice suprise when you hit the retirement age.
  • Batchy
    Batchy Posts: 1,632 Forumite
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    I assume when you say frozen, u mean it will continue to naturally grow depending on investment type.. and will pay out after your over 50 or 55 depending as a pension!
    Plan
    1) Get most competitive Lifetime Mortgage (Done)
    2) Make healthy savings, spend wisely (Doing)
    3) Ensure healthy pension fund - (Doing)
    4) Ensure house is nice, suitable, safe, and located - (Done)
    5) Keep everyone happy, healthy and entertained (Done, Doing, Going to do)
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