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Can I Freeze my Pension?
RedFeather
Posts: 1 Newbie
I have been paying into a Personal Pension plan for about 15 years, and it will be about another 15 before I reach retirement age. But I no longer work - as I care for family members and cannot afford the monthly premiums. I understand from the other Threads on this site that I cannot cash it in, but can I freeze it without loss? I may be able to re-activate it and resume paying the premiums (if that too is possible?) at some time in the far off future but not for the time being.
I don't want to lose the money I have already invested and would appreciate some advice. Thank you.
I don't want to lose the money I have already invested and would appreciate some advice. Thank you.
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Comments
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Most pensions allow you to cease the regular contribution without penalty.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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If you are worried that you would lose the value of your pension pot with the fluctuations in the market (if thats what you are asking), then yes you are right. Depending on how risky your funds ar invested in, they can lose money. It would be a good idea to switch your money to very low risk cash based funds like Fixed Interest, GILTs or cash funds. Most of the providers allow certain number of free fund switches.
You can stop your contributions for now and start at a future date depending on type of plan which again should be most likely free.0
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