Can i access my Prudential pension yet?

M3ssiL3go23

Hi there, apologies if this has been answered elsewhere but i could do with knowing if i can access my Prudential private pension fund now? I'm 25 and therefore the fund is very small (around £4k). I have read in various places that i will get charged 55% which is obviously not ideal but £2k is far more valuable to me now than £4k will be when i'm 55. Thanks and apologies once again if this has been answered elsewhere.

PeacefulWaters

No you can't.

it's for retirement.

M3ssiL3go23

I understand that but if you need the money for other means then it makes sense to do so if it's at all possible to access the money given that i've got another 40 years to make payments into the pension.

kidmugsy

M3ssiL3go23 wrote: »

£2k is far more valuable to me now than £4k will be when i'm 55.

It won't be worth £4k when you are 55.

M3ssiL3go23

Agreed and appreciate what you're saying and i will start up a new fund but need the money ideally for house renovation etc. Is there a way i can access it? Thanks for the reply

bigfreddiel

PeacefulWaters wrote: »

No you can't.

it's for retirement.

What is it about "No" that you don't understand!

Cheers fj

dunstonh

I'm 25

So, 30 years off the minimum retirement age.

I have read in various places that i will get charged 55% which is obviously not ideal but £2k is far more valuable to me now than £4k will be when i'm 55.

1 - it wont be £4k at retirement.
2 - it would be fraud. Hence the penalty tax and possible penalties to the scheme

Is there a way i can access it?

No and just in case you missed that.... No.

bigadaj

Think that might be 34-35 years before retirement?

OP - is there no other option for raising what is a relatively small sum of money?

0% deals on credit cards can last for two years or more, giving time to pay it back for house improvements.

atush

M3ssiL3go23 wrote: »

I understand that but if you need the money for other means then it makes sense to do so if it's at all possible to access the money given that i've got another 40 years to make payments into the pension.

Yes, it has been answered many times over, in a sticky even- that has been taken away. Can I cash in my Pension. Do a search

In 40 years your 4K will be worth a WHOLE lot more than you think. More than 10x as much.

If you dont have enough money now, it just means you are spending too much. So Stop. Now. Spend less than you earn. The best advice you will ever get.

Need help? Try the debt free board.

atush

M3ssiL3go23 wrote: »

Agreed and appreciate what you're saying and i will start up a new fund but need the money ideally for house renovation etc. Is there a way i can access it? Thanks for the reply

House reno means you own an asset. So get an additional loan on the house (if 100% of the reno is for your home with the mtg).

And again, stop spending more than you earn. Spend less and save it. Anyone with a home should have at a min 1K or more for emergencies.

If you cant cut back and cant borrow, sell your house.