stakeholder pension surrender

blokes2

Hi ,
i have a stakeholder pension with scottish widows which i have not been able to pay into for almost ten years due to my financial situation. the amount stands at just over 6,000£

i was told that the pension amount would be 160 a year when i "retire" in 8 years.

i am in dire financial difficulty on a debt management scheme and woulld really like to cash in the pension now as it means a bigger help than 160£ a year later. i need it now.

is there any way i can surrender it to get a lump sum now,

originally i thought nor but i may be wrong. it seems hard having my money just sat there when i really need it.


any advice welcome

bilbo51

How old are you? If 55 or over, you can get 25% paid as a tax free pension commencement lump sum, but the remainder will need to be used to buy a pension.

blokes2

hi im 47 so have a few years to go until im 55

bilbo51

blokes2 wrote: »

hi im 47 so have a few years to go until im 55

So I'm sorry to tell you that you won't be able to touch it yet.