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Release some funds in pension

edited 30 November -1 at 1:00AM in Auto-enrolment
4 replies 4K views
Jason_clarkJason_clark Forumite
1 posts
edited 30 November -1 at 1:00AM in Auto-enrolment
Been told by pension company I can’t release any funds till age of 55 is this true?,as need to clear some credit card debt thank you

Replies

  • Sea_ShellSea_Shell Forumite
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    Fifth Anniversary 1,000 Posts Hung up my suit!
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    That's right, no access until 55. (there might be in very extreme circumstances, but not generally) How old are you now?

    If you're struggling with a debt, then best head over the to Debt Free Wannabe part of the forum and post there, as you'll get loads of help and support.
    " That pound I saved yesterday, is a pound I don't have to earn tomorrow ":beer: JOB DONE!!
    This should now read "It's time to start digging up those Squirrelled Nuts"!!! :j:j:j
  • tacpot12tacpot12 Forumite
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    Be aware that any company that says they can help you release funds from your pension before you are 55 is scamming you. They will take your money and leave you with a tax bill.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
  • Paul_HerringPaul_Herring Forumite
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    Part of the Furniture 1,000 Posts Name Dropper Photogenic
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    Been told by pension company I can’t release any funds till age of 55 is this true?,as need to clear some credit card debt thank you

    It might even be 57 if you were born after 1973.
    Conjugating the verb 'to be":
    -o I am humble -o You are attention seeking -o She is Nadine Dorries
  • MEM62MEM62 Forumite
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    Been told by pension company I can’t release any funds till age of 55 is this true?,as need to clear some credit card debt thank you

    At the risk of stating the obvious, the clue is in the title. A 'pension' is to provide for retirement - no clear debts during your working life.

    You need to find another way of addressing your debts. Post an SOA up on the DFW board and you will receive the advice of some very smart and well respected individuals.
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