Aegon - Making a withdrawal from a pension

Marsh6661

Hi

I've been running through some old paperwork from a previous employer that I was with for three years and found that I was paying into an Aegon Pension during this period.

Is there a way to transfer this sum of money into my bank so I can re-invest it into other areas? As its my money surely there is a way? I'm mid 20s in age.

Cheers.

mgdavid

No,absolutely not.
It's not all your money as some will have come from your employer and some more will be the tax you didn't pay courtesy of HMRC.
Pension funds are for living off in the approx 30 years from when you stop work to when you die - what else will you live on?

Marsh6661

Yes I was just referring to my contributions. I don't think it will be enough for someone to live off to be honest as its not a large amount.

MoneySavingUser

mgdavid wrote: »

No,absolutely not.
It's not all your money as some will have come from your employer and some more will be the tax you didn't pay courtesy of HMRC.
Pension funds are for living off in the approx 30 years from when you stop work to when you die - what else will you live on?

Maybe if he pays the 55% penalty charge :eek:

Marsh6661 wrote: »

Yes I was just referring to my contributions. I don't think it will be enough for someone to live off to be honest as its not a large amount.

You can consolidate it with another pension

xylophone

Assuming that you have a current pension scheme, enquire about a transfer in.

Ghost_of_JonSnow

Leave it be,. I left a job 10 years ago with £7k in an Aegon scheme,. It's now worth over £20k and I've recently transferred another £10k from a couple of other small pensions into it, you can manage the account online.

dunstonh

Is there a way to transfer this sum of money into my bank so I can re-invest it into other areas?

Why cant you invest it in the Aegon plan? Or transfer it to your other pension (assuming you have one) and invest it in that?

As its my money surely there is a way?

Its not your money. It is held in a trust for your benefit in later life.

. I don't think it will be enough for someone to live off to be honest as its not a large amount.

You are only in your 20s. It wont be yet but it will grow and you will be adding to it.