Pension backed loans

atush

kgk wrote: »

just to be clear then am I right to think there is NO WAY of accessing your pension before the age of 55? I have £16,500 in my pension which will be practically worthless by the time I reach retirement age and I could really do with it now to put towards a deposit on a house. Seems crazy not to be able to access it to put towards what is a long term investment.........

No, not unless you have a fatal illness.

And if you are in debt, you DONT want your pension. Right now it is safe from your creditors should you go down a bankruptcy route.

Try the Debt free Board and the CCCS who is a registered charity set up to help people in your situation.

jamesd

kgk wrote: »

I have £16,500 in my pension which will be practically worthless by the time I reach retirement age

It's unlikely that it will be worthless by the time you reach retirement age. Normally the investments you should be using would cause the value to be significantly greater than it is today. Up to you to select and manage those investment choices unless it's a work defined benefit (final salary or similar) pension.