Pension advise if possible

Hels_Here_2

Hi

I have 22/23 years paid in to a British Gas (then became Centrica) pension. I haven't paid in to this pension for some 5 years or so since being made redundant, so this is a frozen pension.

I will be 47 this year, and i am wondering if I will be able to claim from this pension when I meet my 55th birthday.

I have tried to trace the owners of my pension, but so far have been unable to get a response from them (emailed).

I have today received a text from an unknown company asking me if I have a frozen pension and would i like to receive up to £2k cash and have my pension returning 8% per annum. I really don't know what this means, but would love to know if I would be able to claim any cash now from my pension (times are hard)

McKneff

Some of the experts will be along soon, but forget about getting any cash now, whoever tells you you can will be scamming you. No matter how legitimate the company seems to you.

atush

Sounds like a scam.

Call your pension administrators. They will know if you can take benefits at 55 or 60.

In any case, 55 is a bit young to retire these days.

xylophone

You have a deferred pension. Your scheme rules and pensions legislation will dictate the earliest age at which you can take benefits. There is no legal way in which you can draw benefits at your age unless you are terminally ill. See https://forums.moneysavingexpert.com/discussion/3857691

With regard to your Pension Scheme administrators, see http://forum.moneysavingexpert.com/showthread.php?t=809785 post 8 seems relevant.

dunstonh

I have today received a text from an unknown company asking me if I have a frozen pension and would i like to receive up to £2k cash and have my pension returning 8% per annum.

Scam

but would love to know if I would be able to claim any cash now from my pension (times are hard)

no you cant.

travellerboy

Don't vote Conservative, as Osbourne Lies to your Face, teacher them a lesson at the next opportunity.

dunstonh

travellerboy wrote: »

Don't vote Conservative, as Osbourne Lies to your Face, teacher them a lesson at the next opportunity.

What alternative do you suggest? Surely not the "no more boom and bust" Labour party who not only spent the wealth in the good years but borrowed on top of that as well to a level that nearly bankrupt the country and will affect our children and their children's lives, if not longer.

atush

travellerboy wrote: »

Don't vote Conservative, as Osbourne Lies to your Face, teacher them a lesson at the next opportunity.

All well and good to have an opinion, but try helping the OP or maybe go away? Or Teacher someone else something elsewhere?

Money_Saving_Dude

atush wrote: »

55 is a bit young to retire these days.

Chances are you could live until you are 90. The longer you leave your pension pot the more it will grow, and the more you can make it work for you.

So if you go for joint life 50%, 3% escalation, no guarantee will give you £2,759 for life. That's £230 pm.

http://www.ft.com/personal-finance/annuity-table

Edit: sorry, I should have said this is for every £100k of your pension pot. So if you have £200k you can double the above values.

CannySaver_2

travellerboy wrote: »

Don't vote Conservative, as Osbourne Lies to your Face, teacher them a lesson at the next opportunity.

Maybe the first lesson should be in one of the three 'R's' for travevller boy?

Osborne not Osbourne.

Anyway, a well rounded argument by him I thought.