Early pension release.

Actonian

Hi everyone, new to the board.
Apologies as you may be sick of this question.
I am 47 and have two company pension schemes of which I paid into roughly seven years each but have since left both so no longer pay into.
Is there any way at my age that they can be released ?

Many thanks in advance.

CLAPTON

usually 55

Actonian

Thanks Clapton, I thought as much.
I don't suppose there is any way at my age (47)
of releasing any is there ?

CLAPTON

I sincerely hope not but
if you have a life threatening disease with a life expectacy under a year then you will have a very good case

dzug1

It can be possible with severe ill health - eg life expectancy of less than a year.

And 'release' means you start taking the pension, or at least part of it. Not that you get your money back. A 25% lump sum is the most you'll get at once.

Actonian

Thanks Clapton & Dzug1.

Well Plan B then, anyone lend me a sawn-off, stocking & holdall ?

:laugh::laugh:

bendix

You'll be pleased about this in eight years time.

Cautious_Investor_3

Hi

This story just shows the importance of saving / investing in a variety of vehicles.

The pension is great for tax relief and to pick up an employer contribution, however it's not great as a short or medium term savings vehicle.

Think about spreading savings over different 'wrappers' to ensure that all eventualities are covered.

The Cautious Investor

nearlyrich

Cautious_Investor wrote: »

Hi

This story just shows the importance of saving / investing in a variety of vehicles.

The pension is great for tax relief and to pick up an employer contribution, however it's not great as a short or medium term savings vehicle.

Think about spreading savings over different 'wrappers' to ensure that all eventualities are covered.

The Cautious Investor

It's actually a really great idea( that you can't just take it out again) for people who might be tempted to spend their retirement savings before reaching retirement.

If you could just take it out for a holiday or to do up the house I doubt many would withstand the temptation.

Cautious_Investor_3

nearlyrich wrote: »

It's actually a really great idea( that you can't just take it out again) for people who might be tempted to spend their retirement savings before reaching retirement.

If you could just take it out for a holiday or to do up the house I doubt many would withstand the temptation.

Don't get me wrong, I'm not saying that the inaccessibility of pension funds is not a good idea, I was simply highlighting the need for savings to meet short, medium and long term needs.