Standard Life - Can I withdraw the full pension amount?

19ninety

Just had a statement throught a my Standard Life Personal Pension, it hasnt been paid into for years and has a value of just over £4000 ... which would easily clear my remaining debts completely ... which would be very nice indeed!
Is it possible to get back the money I have paid in?

TIA

McKneff

Only if you are over 55 years of age.


Is this your only pension then,

jem16

19ninety wrote: »

Is it possible to get back the money I have paid in?

No it isn't.

At age 55 you can access the pension and take a 25% tax free lump sum and buy an annuity with the rest.

At age 60 you can exercise the Trivialty Rules and take the whole pot (with possible tax deductions) if this is your only pension.

Do either of these apply?

19ninety

Sadly no, I'm only 31. Its a pension I had with a different company that went out to business.
I guess I'll just have to si ton it for another 24 years

Loughton_Monkey

19ninety wrote: »

Sadly no, I'm only 31. Its a pension I had with a different company that went out to business.
I guess I'll just have to si ton it for another 24 years

I suggest you spend the next 24 years trying to work out the answer to the question "What am I going to live on when I retire?"

I sincerely hope that the realisation that you need to put a lot more in will hit you before it gets too late.

Bigsmak

You should have £35,000 saved for your pension by the time you are 35.

If you only have £4,000 and don't wish to add to it. I would start to think about how you will live on less than £500 a month for the last 30-40 years of your life.

You are 31, you are mature enough to realise that you are probably not going to win the lottery, and that you should be saving for your own old age.

19ninety

thank you.

19ninety

No really, thank you... I had no idea my pension was so important. Silly me spending all that money all these years on rent and council tax and petrol and road fund license and trainers (yes, the same trainers I have had for 3 years no less), silly me.
Perhaps I will speak to my landlord at the weekend and see if I can stop paying rent? If I could afford £200 a month to put into a pension, I could have afforded to pay off and extra £200 a month of my debts, and then I wouldnt have any.

taking_stock

there's always excuses for not putting even £20 away each month.
i obviously don't know your circumstances, but ...
why are you in debt? studies or purchases?
do you live on your own, with parents or share a house??
could you not afford to put away 3 or 4% of your income each month?

sorry if this sounds judgmental, but there's so many people who could give up 3 packets of cigarettes a month or have a £10 sim-only deal on their phone instead of £40pcm.... or cancel the sky sports subscription... or find 2 or 3 hours a week of overtime or other work in a bar etc... or miss out one or 2 take-aways per month... you get the picture.

i wish you luck anyway, it's sad that people are planning to be poor for the last 30 or 40 years of their lives - or having to work into their 70s.

dunstonh

19ninety wrote: »

No really, thank you... I had no idea my pension was so important. Silly me spending all that money all these years on rent and council tax and petrol and road fund license and trainers (yes, the same trainers I have had for 3 years no less), silly me.
Perhaps I will speak to my landlord at the weekend and see if I can stop paying rent? If I could afford £200 a month to put into a pension, I could have afforded to pay off and extra £200 a month of my debts, and then I wouldnt have any.

If you cant afford it now then just think what life will be like when you have no earned income coming in.

19ninety

No I know you dont know my situation. Yes I do understand that I need to save for life post work. I dont smoke, or have sky etc. Its would be really awesome to be able to pay off these last debts.
Since I'm in the pension forum though ... what is the best way to save for retirment that will give the best return? Is putting money into 3% ISA's as they come around better?