Can I take money out from a 'Money Purchase Scheme' pension?

tinyburton

Hi all,
many years ago I was convinced, by some, to opt for the money purchase scheme, and over some years ploughed my money into it. I then switched to a final salary pension.

I've now got this money purchase scheme ticking away, surprisingly earning good returns: £9k last year.

Things are tight tight now though and I'm looking at my options. Is it possible or wise to consider to syphon money some way from thede funds?

Thanks
Tiny

Browntoa

think you cannot touch any of it until you are 55 at the earliest

somethingcorporate

https://forums.moneysavingexpert.com/discussion/3447527

atush

This pension will be very valuable in that you can use it to retire early as you can take the benefits from age 55.

Therefore allowing your new DB pension to remain until scheme age so you can take it w/o an actuarial reduction.

tinyburton

Thank you for your replies. I've been unable to reply since moving network to Three. For what ever reason the IP address Three gave me is blocked on here?

I can however login using wifi

Tiny

atush

As a side note, if things are 'tight' now, how much tighter will they be when you retire if you spent this money now?