Cashing in a pension?

spurs501_2

Hi Everyone.
I think I know the answer to this question, but I'm not totally sure!
I started a pension 15 years ago with Legal & General but due to money difficuties I stopped making payments over 2 years ago. I now need to raise some cash immediately and was wondering if I can "cash in" or draw some money from this pension?? I'm pretty sure it's not possible till retirement age but would like to know for certain. Many thanks in advance guys.

nearlyrich

I am pretty sure you are right unfortunately however it depends how old you are as there are ways for people over 50 (I think) to access personal pension funds. I am sure there will be someone along with the answer but possibly not on a Satuday evening.

EdInvestor

At age 50 you can take out the 25% tax free cash.You can leave the rest invested to grow until you need it later, or you can take an income from it.

You can only cash in a pension if it is below 15k in value, you have no other pensions (except state) and you are aged 60 or more.