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Can I unlock some of my pension
Oakdene
Posts: 2,560 Forumite
Hi All
I used to work for the local authority, I started on an apprenticeship & then had 7 years full employment (on a full salary). I paid into a pension from day 1, even when only on an apprenticeship wage. I moved around various departments & decided to leave the authority so I could continue my career in accountancy.
Is it possible to unlock some of my pension? Im basically trying to start again a couple of years after my marriage broke down & Im looking to buy a house etc & would like to get as much of a deposit as possible. It says, when I log in, I have a lump sum of £2070...is it possible toi unlock this?
Diolch!
I used to work for the local authority, I started on an apprenticeship & then had 7 years full employment (on a full salary). I paid into a pension from day 1, even when only on an apprenticeship wage. I moved around various departments & decided to leave the authority so I could continue my career in accountancy.
Is it possible to unlock some of my pension? Im basically trying to start again a couple of years after my marriage broke down & Im looking to buy a house etc & would like to get as much of a deposit as possible. It says, when I log in, I have a lump sum of £2070...is it possible toi unlock this?
Diolch!
Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.
0
Comments
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Very unlikely - depends on your age/circumstances.
or a simpler answer - no - making reasonable assumptions from the information you have given.0 -
the term unlocking applies to over 55s looking to take some pension benefit before they are retired (i.e. between 55 and 66 say).
What you appear to be looking at is pension liberation but that is unlawful.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 -
Thanks both, to be honest I thought as much but thought it worth an ask. Back to saving the £1 coins!Dwy galon, un dyhead,
Dwy dafod ond un iaith,
Dwy raff yn cydio’n ddolen,
Dau enaid ond un taith.0 -
Yes it is all about your choice if you met any difficult on your pension pot it is good idea to unlock your pension. And also before unlocking please make sure whether you have any source of payment.0
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How did you get out of a divorce w/o splitting that pension? Or do you just have half of it left?
Anyway, looks like back to the hard slog of saving up, have you looked into the new govt scheme?0
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