Standard Life - Can I withdraw the full pension amount?

tartanterra

19ninety wrote: »

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

This question is asked so frequently, I don't understand why there isn't a "sticky" on this forum.

gadgetmind

19ninety wrote: »

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?

Now you're asking the right questions!

For a multi-decade investment like a pension, you need to be investing in a combination of assets, which will include equities, bonds, etc. As the decades roll by, you should expect a return of perhaps 7%pa, but it's very lump, however, as you keep investing, some of it will go in during the lows, which is good.

Unless you want to become expert of bonds, equities, and much more, a balanced or cautiously managed fund is best.

These investments can then be held in an ISA or a pension. With an ISA, you put money in that's been fully taxed, which is bad, but you can take the money out at any time tax free. This "any time" is good for flexibility but bad if you don't have the self control to leave it there until you retire. Do you?

With pensions, the money goes in tax/NI free, and if you're lucky your employer may also chip in, and if you're even luckier they'll let you pay by salary sacrifice, which is even better.

Your first step should be to check what pension scheme your employer might provide. If the answer is "none" there is still a huge amount you can do yourself.

Bigsmak

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.

Hey.. I know its hard... Its only recently that I have been able to put away for a pension and I still wear my 6 year old trainers (which really smell now by the way)... But I gave up things like going out for a meal with the lass once a week, watching what I spent at the supermarket (this cut over £100 a month from the budget), I don't go out with my mates as often and going to a party costs £15 rather than a night out which was £40+ ... it all adds up.

I would get on the debt advice board we have here, do a SOA and see if anyone there can help you out. They work wonders for many people.

Problem is that today everyone wants the good life, including me, and Maybe the 42' TV and Blu ray player I spent money on was not really needed. Its very very easy to spend money. Much harder to save.

McKneff

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.

You came on here asking for help and advice, people kindly gave their exptertise and time in typing out.

Why the sarcasm, your response was very rude and ungracious.

justheone

19ninety wrote: »

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

Just to clarify (because the others are incorrect) you can withdraw the full amount from a Standard Life pension provided you do so within 24 months of opening the account. If you started the pension less than two years ago you can take the entire sum invested out of the plan and reinvest/spend/otherwise fritter away to your heart's content.

Based on your message it seems like you have had it longer than 24 months, meaning that the above doesn't apply to you.

Linton

justheone wrote: »

Just to clarify (because the others are incorrect) you can withdraw the full amount from a Standard Life pension provided you do so within 24 months of opening the account. If you started the pension less than two years ago you can take the entire sum invested out of the plan and reinvest/spend/otherwise fritter away to your heart's content.

Based on your message it seems like you have had it longer than 24 months, meaning that the above doesn't apply to you.

Dont think you are right. Perhaps you are confusing personal pensions with company schemes where you may be able to get your contributions (but not your employers contributions nor any increase in value) returned with a deduction for tax for short periods of employment of up to 2 years.

atush

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.

You are spending 9ro did) more than you take in. That is what you need help with.

so post an SOA with all your income and expends inlc debts. Thenwe can help you shave moeny off areas where you are overspending, from insurance to utilities to phones to internet to leisure to clothing etc.

then use that money to salm down your debt (min payments on all, slam the rest on the highest APR debt first). Pay that off and double slam the next. soon you woll be debt free.

then you go on to a min of 3 months spendings in savings as an emergency bumper. then you go onto repyinginto a pension, saving in other arenas.

It will come round quicker than you think if you have debt under 5K.

molerat

justheone wrote: »

Just to clarify (because the others are incorrect) you can withdraw the full amount from a Standard Life pension provided you do so within 24 months of opening the account. If you started the pension less than two years ago you can take the entire sum invested out of the plan and reinvest/spend/otherwise fritter away to your heart's content.

Based on your message it seems like you have had it longer than 24 months, meaning that the above doesn't apply to you.

Nope, 30 days is the cancellation limit.

vbm

justheone wrote: »

Just to clarify (because the others are incorrect) you can withdraw the full amount from a Standard Life pension provided you do so within 24 months of opening the account. If you started the pension less than two years ago you can take the entire sum invested out of the plan and reinvest/spend/otherwise fritter away to your heart's content.

Based on your message it seems like you have had it longer than 24 months, meaning that the above doesn't apply to you.

This is completely incorrect.

You are assuming that he made these contributions to an occupational rules pension scheme, when this is unlikey, as it is through a provider and therefore more likey to be a PP.

Even if it were true he would only be allowed a refund of his personal contributions.

Please don't post incorrect information as facts.

jem16

vbm wrote: »

This is completely incorrect.

You are assuming that he made these contributions to an occupational rules pension scheme, when this is unlikey, as it is through a provider and therefore more likey to be a PP.

OP confirms it is indeed a Personal Pension.

19ninety wrote: »

Just had a statement throught a my Standard Life Personal Pension,

which as has already been said will only refund within the 30days cancellation period.