Private Pension Cash-In at 42?

delosfive

Hi,

When I began working in 1986, I began a private pension with Royal London. I clearly recall them stating that my pension would run for 25 years at which time it would become payable. At 17, the prospect of being 'able to retire' at 42 was quite a lure. For 15 years or so, I made regular contributions.

After working for various companies with their own pension offers, I've received paperwork regarding this 'dormant' pension, with projections of profits for 2035, etc.

Can anyone provide any advice as to whether this would be 'accessible' and pay-out next year when I'm 42, or whether i'm living in cloud-cuckoo land and it will only pay when I'm of 'pensionable age'?

Any advice greatly appreciated.

Bob

bendix

Hark, what is that pleasant noise from yonder woods?

Why, I believe it's a cuckoo, cuckoo, cuckoo . . .

Andy_L

"Can anyone provide any advice as to whether this would be 'accessible'"

No, unless you are terminally ill. 55 is the earliest

Freddie_Snowbits

Alas, the words of the Shift Manager, October 1978, as the apprentices hit the factory floor for the first time, ears clogged with wax and soaking from motehrs washing.

'The company has a subsidised shop, a sports and social club, which will cost you lot 5 pence a week. The superannuation scheme takes half of your money, a canteen that does decent Fish and Chips on Fridays. Also we have a company pension scheme, but if I were you lot, I would not put a penny in it, because by the time you retire, they'll be nought left in the pot'

In 2010, guess what!

Cuckoo, Cuckoo, Cuckoo

McKneff

A pension is a pension, not a savings account.
Its for when you retire.

You can access it when you are 55 (for the moment)
it could well change in the future.

dunstonh

When I began working in 1986, I began a private pension with Royal London. I clearly recall them stating that my pension would run for 25 years at which time it would become payable. At 17, the prospect of being 'able to retire' at 42 was quite a lure. For 15 years or so, I made regular contributions.

personal pensions didnt exist in 1986. You had retirement annuity contracts at that time. They are similar to personal pensions although many have guarantees which are valuable (even if the return isnt as good).

What you describe as as 25 year term sounds more like an endowment policy. Not a pension. Many bought those instead of pensions before 1988. Thankfully in your case, yours is a pension and not an endowment. Which means its for retirement ages not before.

bendix

dunstonh wrote: »

personal pensions didnt exist in 1986. You had retirement annuity contracts at that time. They are similar to personal pensions although many have guarantees which are valuable (even if the return isnt as good).

What you describe as as 25 year term sounds more like an endowment policy. Not a pension. Many bought those instead of pensions before 1988. Thankfully in your case, yours is a pension and not an endowment. Which means its for retirement ages not before.

I'm sure it wasn't intentional, but that made me laugh. :rotfl::rotfl: