How do I get my money out of an old pension?

Rik1701

I used to have a previous pension with an old job.
I now have a new and better pension with my current job.
I do not wish to add the funds from the old one to the new. Is there anyway that I can get the money out of the old one.

It was recently sold via some section 32 bulk buyout plan and is now with another company not the original one it was taken out with. The new company say I can transfer it to an alternative provider or add it to my existing pension. They seem to be ignoring my question regarding just getting the money.

Please Help
Thanks

EdInvestor

Rik1701 wrote: »

The new company say I can transfer it to an alternative provider or add it to my existing pension. They seem to be ignoring my question regarding just getting the money.

That's probably because you can't get any of the the money until you're 50 (soon to be 55).And even then you can onloy get 25%.It's one of the pitfalls of pensions.

The options they outline are all that you can do.

jonathon_hart

A section 32 buyout is just a bulk transfer to another pension provider, often a personal pension provider. They are not quite the same as a personal pension though (charges and fund choice are generally different).

It is still a pension though so, as Ed says, the money cannot be accessed until retirement.