Pension - Cant access !!

Roughy12

I have a pension that has been sitting dormant for 3 years or so. I have had it for 7 or so years and I think there is a few grand in it. I am 28 and I was wondering if anyone knew any way, in which I could access the money, as I would like to invest it in other ways.
Can anyone help ???

Thanks.

dunstonh

you can invest it virtually in any you want. However, once inside the pension rules, it has to remain there. It wouldnt be much of a pension if you could take it out at 28.

Roughy12

I actually meant, I wanted to release the pension from Scottish Widows and invest it in other ways , more profitable ways!!

dunstonh

Scottish Widows have some cracking funds. One fund is currently one of the most profitable you can get.

However, you can switch it to any other pension arrangement and invest it in many many other ways.

Roughy12

So , is there no way that I can release the funds and use it for something else , like a savings account or something with my bank ?

firesidemaid

nope, don't think so. sorry

dunstonh

No you cant. There is no reason to either. A pension is just a tax wrapper to contain investments. If you want to put it in cash, then you can do so inside the pension, if you want it in property funds, you can. If you want it invested all in China you can.

There is no reason at all to take it out of a pension and put it into your bank account. All the investment options you can want are available with a pension. If you want it for something with your bank, its a good job its not available as bank products are awful.