We'd like to remind Forumites to please avoid political debate on the Forum. This is to keep it a safe and useful space for MoneySaving discussions. Threads that are - or become - political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
We're aware that dates on the Forum are not currently showing correctly. Please bear with us while we get this fixed, and see Site feedback for updates.
Can I access the cash i have paid into my pension?

summer78
Posts: 43 Forumite
Hi sorry if this is a silly question but recently after reading some of the great thoughts on this forum i have really been cutting back. I have decided to not pay into additional pension funds provided by my employer. They provide one and i pay extra for another. When i joined up to the company i didnt know that i had a choice about this. Recently i have found out that i do and cancelled it. I have paid close to £6000 into this. Is there anyway i can claim this back as it was presented as a no choice procedure and on my first day i was just told to sign a form.
The reason for my confidence in cancelling this additional pension fund is i plan to use the cash to pay off my mortgage early leaving me enough money to provide for the future. Plus i already have another pension via my employeer.
Any help is greatly appreciated.
Thanks
The reason for my confidence in cancelling this additional pension fund is i plan to use the cash to pay off my mortgage early leaving me enough money to provide for the future. Plus i already have another pension via my employeer.
Any help is greatly appreciated.
Thanks
0
Comments
-
I doubt that you can. You can't generally take money out of a pension fund other than to transfer it to another pension fund. However, with the advent of SIPPs that may be possible, but you'd have to make your house part of the SIPP. Again, I believe this is only possible if the property has been purchased for pension investment purposes and not as your main dwelling.
The details should be in your pension bumf, but it can be a nightmare to read and understand fully. Why not ask your HR department if you can speak to one of the company pension advisors.Debt at highest: £6,290.72 (14.2.1999)
Debt free success date: 14.8.2006 :j0 -
I don't think the house need come into it. I have a SIPP and the house is not involved. You should be able to transfer this to another pension provider of your choice, but what you cannot do is to access it in cash, at least not until you reach 50 or 55.
HTH
Margaret[FONT=Times New Roman, serif]Æ[/FONT]r ic wisdom funde, [FONT=Times New Roman, serif]æ[/FONT]r wear[FONT=Times New Roman, serif]ð[/FONT] ic eald.
Before I found wisdom, I became old.0 -
Hi Margaretclare,
The only reason I mentioned the house was because the OP said he'd like to withdraw his pension contribution to pay off his mortgage. As I understand it, that's only possible via a SIPP, but even then it can't be your main home otherwise everyone would make their home part of their pension.Debt at highest: £6,290.72 (14.2.1999)
Debt free success date: 14.8.2006 :j0 -
Once it's in, you can't take money out of a pension until you are aged 50 (going up to 55).This also applies to SIPPs.It's not possible to put residential property into a SIPP.
The OP should put enough money into his pension to get the maximum contribution from the employer,not more.Use additional savings to overpay mortgage.Trying to keep it simple...0 -
Is there anyway i can claim this back as it was presented as a no choice procedure and on my first day i was just told to sign a form.
Did you seek advice from an FSA authorised adviser? If not you have no comeback. If you did you probably have no comeback either because it wouldnt be bad advice.
The only reason I mentioned the house was because the OP said he'd like to withdraw his pension contribution to pay off his mortgage. As I understand it, that's only possible via a SIPP, but even then it can't be your main home otherwise everyone would make their home part of their pension.
Its not possible at all with any pension.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 348.4K Banking & Borrowing
- 252.1K Reduce Debt & Boost Income
- 452.4K Spending & Discounts
- 241K Work, Benefits & Business
- 617.3K Mortgages, Homes & Bills
- 175.7K Life & Family
- 254.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 15.1K Coronavirus Support Boards