early pension release

tessiann_2

can anyone help, i have a frozen pension of approx £8-500 it was closed by my former employer about 10 years ago, I lost my job in May last year and havent been able to find another- even been turned down for p/t cleaning:(. really need some cash and a friend said she thought i might be able to cash in this pension, she gave me the web sites for some companies but all are oversea's companies and need I a pension of more then £30-000, is there any companies/organisations who deal with smaller pensions

bendix

Monday lunchtime.

A new record.

Linton

Lets be more helpful to a first timer...

Unless you are over 55 (or dying or a professional football player or similar age limited occupation) you cannot access your pension funds. Their purpose is to keep you in your old age.

Any company claiming to access funds before your 55th birthday is likely to be a scammer or relying on a loophole that HMRC may well close retrospectively with appropriate unwelcome tax demands.

Loughton_Monkey

There is no such thing as 'early pension release'.

I would respectively suggest that your friend's websites are also a waste of time, even if you had £30K or more. Their 'release' method will consist of a highly complicated foreign property 'investment', in which you would be ripped off in a large way.

Strongly suggest you leave your pension where it is and be thankful for it.

tessiann_2

Yes i did wonder if they are scam sites thats why i wanted some advice, always thankful for pensions thats why i have no intention of touching my other 2 ( worth more) but have a mortgage etc etc and that 8-500 would have helped until i found another job, i dont want to rely on the benefits system.

bendix

What you need to understand, tessiann, is that your pension fund is not YOUR money, in the normal sense of the word. It is money held in trust for your future benefit, but it is not like your savings etc.

Interested_Taxpayer

Linton wrote: »

Lets be more helpful to a first timer...

Quite right!