Pension query

madaminx

Hi

About 7 years ago I commenced a new job and subsequently joined the company pension (Stakeholder) with L&G. However the job did not work out and I had left within the year - I therefore had only made about 7 months of contributions to this fund.

Obviously I've been receiving update statements since and it seems silly to have so little money in this pot.

Does anyone know whether I could surrender or cash this and perhaps explain the whys and wherefores in laymans terms?

Thanks

M

Lokolo

You can transfer the pension to another one.

molerat

You cannot "cash it in", you normally get 30 days from opening to cancel (I have got one with 2 months worth in !!) You will be able to transfer it into another pension or keep it where it is, my one tells me it will pay out £150 cash lump, still double what I put in, and £7 per year pension :rotfl:

madaminx

Thanks Lokolo, but I would rather have the cash at the min, to pay a couple of minor debts.

M

Lokolo

madaminx wrote: »

Thanks Lokolo, but I would rather have the cash at the min, to pay a couple of minor debts.

M

A pension is for retirement, not for you to dip in and out of.

madaminx

Thanks both.

I now feel like the size of my thumb and corrected. :-)