can I cash in ?

tntz650

Hi I have a pension that I took out in 1989. In short it's rubbish, and pays out when I'm 55 (49 at the moment) I wanted to cash it in but was told I couldn't. It's no good asking me any questions on this matter as I have no idea about the in's and out's of pensions. All I know is it's only going to pay out less than £10 a month when I'm 55. I'm obviously one of those customers banks and pension firms love. Is it possible for me to get a lump sum back now. Any help would be appreciated, but no techno speak because I wouldn't have a clue what you're on about. Many thanks TNTZ650

jem16

tntz650 wrote: »

Is it possible for me to get a lump sum back now.

No it isn't.

bendix

OP . who do you think is to blame for the fact your pension is 'rubbish' and will only pay out £10 a week? Is it the Government's perhaps? Or Big Evil Banks? Or Little Green Men from Mars? Or Elvis's Ghost?

Or could it be - perhaps, just perhaps - because you haven't put enough money into it for it to pay out extra.

molerat

You could possibly transfer it to your current provider / scheme (or is this possibly a stupid answer). :eek:

dunstonh

I have a pension that I took out in 1989. In short it's rubbish

I'm not sure you could actually tell if a £10pm pension was good or bad. At that amount it wouldnt matter if it was good, bad or indifferent. It would never make a difference.

and pays out when I'm 55 (49 at the moment) <snip> All I know is it's only going to pay out less than £10 a month when I'm 55.

Why not wait until your are 66 to match your state pension age when it will pay an amount that is more than you paid. (which is the whole point)

I'm obviously one of those customers banks and pension firms love.

Not at £10pm you are not.

Is it possible for me to get a lump sum back now.

as above answers - no.