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unlocking pension pot
lyn1950
Posts: 1 Newbie
Help, can anyone tell me how i would unlock a pension pot I took out years ago when i worked for another co. and stopped paying into around 8yrs ago? I have got spiraling debt including a huge mortgage and digging myself deeper and deeper trying to get myself out! I now have an nhs pension with my employer but want to take the cash out of my previous pot so that i can pay off some of the debt without borrowing more. The pot will not be a very large one as it was only a part time job I had there.
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Comments
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Sorry chief, but due to the tax advantages etc. that money stays in a pension until you can claim it.
Good luck with paying off your debts, I hope things get better in the future.0 -
You cannot access the pension legally before age 55.
You could pay a visit to the debt free wannabee section of this board. They have some very helpful people in there who may be able to help you manage your finances.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 -
It sounds like you should really concentrate on the debt some other way. Why not fill in the SOA at
http://www.stoozing.com/calculator/soa.php
format it for MSE using the button at the bottom of the page and then post on the DFW board. There are lots of people there who can come up with good ideas on your best strategy.0 -
If you were born in 1950 like your username might suggest - it will be possible.
I hope that's you're not 64 though, as you seem to have left it late to get your finances straight.0
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