refunds of old pension plans

huguenot_2

Hi

I have a few old pension policies which have remained stagnant for many years, although their value has been growing slowly but surely. No further payments have been added to them in that time. I know that it may be against good advice, but at times when money has been very short, I have wondered if it might be possible to redeem those policies so that we can clear any debts and use for a few essential things. I am paying into an occupational scheme at the moment, which is a good scheme, and so still building for my retirement. I did many years ago approach the company managing those old stagnant policies to ask if it was possible to redeem the policies, but they said it was not possible until I reach retirement age. Another company has since taken them over. I would be interested to know if despite what that company told me, it would infact be possible to demand the policies to be redeemed and if so, how do I go about it?

Thanks

Mark

jem16

You can not cash in/redeem pension policies. You will only be able to access them at retirement.

You can transfer the policies if you wish.

EdInvestor

You may be able to access your pensions at age 50, but whether or not this would be a good idea depends on what kind of pensions they are.

Perhaps you could supply more details.