Release money from a pension (Police Staff)

Onedayillbeamillionaire

I hope someone can help me!

I want to release money from my police staff pension so that I can clear some debts and furnish my house.

Is there anyway of doing this? Im 29 and have been paying into my Police staff pension for 5 years. I think its a local government pension?

I just wondered if anybody knew of how i could or if I could do this.

All help appreciated! Thanks

:j

Linton

You are going to get some replies you might not like - people ask this very often.

I will leave the comments to others but the facts are...

No, there is no way you can get cash from a pension at 29 to pay off your debts.

Onedayillbeamillionaire

Ok, thanks anyway. I was just hoping there might be a way of releasing a little bit of it. Seems unfair as its my money. I suppose I will be gratefull when im older! Thank you.

McKneff

But it isnt your money, once you pay it into your pension it is in trust and no longer yours.
If you could get money out at will, it wouldnt be a pension fund, it would be a savings account!!!!

All these things would have been explained to you before you first took it out or at least in your paperwork.

Pensions are not accessible under present legislation till you are 55.

And yes, you will be grateful when yu are older.

Onedayillbeamillionaire

Thank you.

dunstonh

Seems unfair as its my money.

Its not your money and the bulk of its "worth" has been made up with taxpayer funding. It would be grossly unfair to taxpayers if you could use that to pay for your lack of self control in your spending.

Loughton_Monkey

Not only can you not do it, it is rather a silly thing do to in any case. Do you really want to live a long life after retirement in near-poverty because you 'mortgaged' your retirement savings?