Pensions

Diamond2608

In 1989 at the age of 18 I took out a personal pension with Brittanic Assurance, it was one of those 'SERPS' opting out pensions. Anyway having forgotten about this until earlier this year I found out they are now Phoenix Life. As I am only 39 does anybody know if I can claim any of this pension back now? Its value is only £7500 but this would come in extremely handy at this moment in time!! A friend said if I transferred it to another company I may be able to cash in a proportion of it...is this right?

McKneff

In a word 'No' a pension is taken out for what it is, a pension for your retirement. Its not a savings account.

The only time you will have access to it is when you reach 55 years of age, and then you can only take 25% lump sum, the rest has to be converted into an annuity, either then or when you actually retire.

dunstonh

As I am only 39 does anybody know if I can claim any of this pension back now?

It wouldnt be a pension if you could.

Its value is only £7500 but this would come in extremely handy at this moment in time!!

It will be extremely handy in retirement as well.

A friend said if I transferred it to another company I may be able to cash in a proportion of it...is this right?

No its not. You have to be at least 55 to access part of the pension.