Close Pension Pot to settle debts and migrate

ConfusedUser71

I have a small pension fund that has been left idle for a long time now, largely due to having a pensions elsewhere.


This pot in question is only £13.5k and held with Virgin money.
currently planning to migrate to Vietnam in the coming months.. and would like to settle debts before I go. Currently 48 years old..


any suggestions or options anyone can think of ?

xylophone

Currently 48 years old..

You cannot access the pension before age 55.

Silvertabby

xylophone wrote: »

You cannot access the pension before age 55.

.....and anyone who tells you otherwise is a scammer.

Before anyone mentions 'serious ill health' I'm assuming that this isn't the case here.

Aretnap

+1. Until you are 55 the money might as well not exist. You can't withdraw it, v you can't borrow against it,* you can't benefit from it in any way, unless are terminally ill.

Various outfits at various times have claimed to offer punters a way of getting at their pensions before the usual age under the guise of pension liberation. The schemes they offered were nearly all scams and the most likely outcome was that they would scarper with your money, leaving you with no pension AND a hefty tax bill for the unauthorised withdrawal.

*You can of course take out a common or garden loan with the intention of using your pension to pay the loan of when you turn 55, but you can't use your pension as security to get a better interest rate or make yourself more creditworthy. And if course that wouldn't really fit in with the idea of settling debts anyway.

SonOf

any suggestions or options anyone can think of ?

Consolidate it with your other pensions?

and would like to settle debts before I go.

You wont be doing that with this pension.