Can I use my pension now?

Weetod

Looking for some advice as don’t really know much about work pensions. I am 35 years old and know that I have £3500 in a work pension fund. I’m wanting to know if I was to choose, could I withdraw this money and what would be implications of doing so? Reason I’m considering this is because I currently have debts of £2500 and currently pay £150 interest every month which is meaning I’m also not getting debt reduced much at all. 

[Deleted User]

 No, you are to young to access it and it's not a savings pot to dip in to. 

TadleyBaggie

As a general rule pensions can’t be accessed until you are 55. 

Dazed_and_C0nfused

Reason I’m considering this is because I currently have debts of £2500 and currently pay £150 interest every month

Is there no way you can arrange a personal loan?

£3,000 over 24 months could be as low as £135.55/month so a total paid of just £3,253.20.  Total interest is only £253.20 so less than 2 months of what you are paying.

£2,500 over 24 months could be £118.43/month with total paid of £2,842.32.  Total interest is £342.32 as the smaller loan has a higher interest rate.

badmemory

I suggest you look at the debt free part of the forum.  Even if you were old enough to use the pension money it really would not be a good idea.

atush

Go to eh debt free board and post an SOA.  You are sending too much per month so need to find the fat to cut out of your spending.

As you cant legally access your pension