Early Pension Access ... at 27?

CraigWatson

Hi all,

I realise that this forum doesn't constitute qualified financial advice, but I have a question regarding a pension I was auto-enrolled into while working on my gap year back in 2005/6.

The pension is with the local council (I worked at my old secondary school) and I'm unsure if I'm able to access it - I wasn't actually aware that I was signed up at the time.

I realise that it's been a fair few years - I have had a few statements in the post, but haven't really considered it a priority until now.

Cheers,
Craig

PeacefulWaters

There should be a scheme booklet that you can get from them which will explain how it works.

You won't be able to access any of the money in it today. It's a retirement fund.

What does the statement actually tell you?

CraigWatson

The statement gives the current annual pension payable, lump sum retiring grant and contingent spouse's pension totals. I actually left the job in 2006, so only paid into it for a year or so.

mania112

You can't access pension benefits until age 55.

You are often given the option to receive back your pension contributions when you've worked/contributed for less than 2 years. But that option expires 1 year after leaving (i think it's 1 year).

hyubh

CraigWatson wrote: »

I have a question regarding a pension I was auto-enrolled into while working on my gap year back in 2005/6.

The pension is with the local council (I worked at my old secondary school)

You will have a deferred LGPS pension under the 1997 scheme regulations (1/80 final salary pension + lump sum of 3 x pension).

and I'm unsure if I'm able to access it

No - earliest will be age 60, unless you transferred out. The 55 mania112 speaks of is the legal minimum; your version of the LGPS has a scheme minimum of 60.

I wasn't actually aware that I was signed up at the time.

You would have been auto-enrolled, but should have received a starter pack from your employer. If not, information on the scheme is on the web - national site for the pre-CARE scheme is here, and the council/administering authority likely has its own pensions website (the annual statements you've been receiving probably include a link).

kangoora

Please be aware, if any company says they can access your pension for you it WILL be a scam.

HMRC will find out and hit you with massive tax penalties which will wipe out anything you might think you can gain from 'cashing in' illegally.