Personal pension access

RoverLee

I have a personal pension that i set up when i was 21, but due to lack of work i was unable to make regular payments into it. I just want some advice on, if i can transfer the money that is in the pension into a cash ISA in my bank or even just collect the money (after all its my money that i have paid in)..... I am only 35 so i know i can't draw it.

mania112

RoverLee wrote: »

I am only 35 so i know i can't draw it.

That's your answer.

FatherAbraham

RoverLee wrote: »

(after all its my money that i have paid in)

Well, it's money held in trust for your benefit in retirement, but in fact a portion of it is deferred income tax.

Warmest regards,
FA

zagfles

You can transfer it into a SIPP where you could hold it as cash if you want.

Dimey

zagfles wrote: »

You can transfer it into a SIPP where you could hold it as cash if you want.

Sorry to ask a dumb question - but what's a SIPP?

atush

self invested personal pension.

Why do you want or need to get a hold fo this money at age 35? What would you do for retirement if you could (which you can't)? It is protected from creditors/means testing where it is.

Why would you want it in a cash ISA if you could (when you can't) if cash has underperformed equities since like, forever?

GhIFA

RoverLee wrote: »

I have a personal pension that i set up when i was 21, but due to lack of work i was unable to make regular payments into it. I just want some advice on, if i can transfer the money that is in the pension into a cash ISA in my bank or even just collect the money (after all its my money that i have paid in)..... I am only 35 so i know i can't draw it.

Simple answer - no, you can't.