Prudential Pension

knobby40

I paid into a pension scheme for around 15 years, I think so far I have paid in about £6000 but I have had it frozen for about 6 years and havent paid anything into it. I was always under the impression I could cancel the scheme and get money back, albeit at a reduced amount to what I have paid in. I am now told this is not the case and I cant do anything with it until I am 55, another 15 years.

Is this the case, if so, does that mean there is absolutely no way I can access any of the money already paid to them.

dunstonh

You cannot get the money back. There never has been that option available to you at any time.

The Govt do not give you tax relief to allow you to take the money early.

Ann_U_Ity

Many years ago it was permissible to take a refund of contributions. Over time this was restricted and eventually stopped altogether. In those days you were often given a frozen pension when you left and this did not always provide good value for your contributions so allowing a refund was fair. However once pensions started being preserved (that is uprated with inflation) it was no longer a bad deal and to protect people from taking the money and missing out on a valuable benefit at retirement the refund was stopped.