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Pension query on behalf of my partner

BigBoss
BigBoss Posts: 170 Forumite
Ninth Anniversary 100 Posts Name Dropper Combo Breaker
She has a Legal and General pension (WORKSAVE PENSION SCHEME A2). She has now left her job and wants to know whether she can access the money in any way before she is 55. Is this possible?

She is aware that she has the option to make a fund switch request, but which one would the best to switch to?  Here’s a link to the Fund Centre https://fundcentres.lgim.com/uk/workplace-employee/fund-centre/#Product=Worksave-Pension-Plan-(non-generation-3)&SearchQuery=conse If you follow this link and select WPP (NON-GENERATION 3) it shows a list of all funds that she can invest in.
Thanks!

Comments

  • LHW99
    LHW99 Posts: 5,421 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    She could switch to another pension, but may not need to.
    Pensions are for retirement and cannot be accessed legally before 55 (except in very restricted circumstances mainly involving a very low life expectancy) - anyone saying you can is a scammer.
  • Marcon
    Marcon Posts: 15,168 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    See https://www.moneysavingexpert.com/savings/pension-liberation/

    No idea which funds would best suit her without knowing her age, risk profile, etc etc.
    Googling on your question might have been both quicker and easier, if you're only after simple facts rather than opinions!  
  • Albermarle
    Albermarle Posts: 29,294 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    and wants to know whether she can access the money in any way before she is 55. Is this possible?

    Basically - No .

    She is aware that she has the option to make a fund switch request, but which one would the best to switch to? 

    That depends on many factors . Such as will she want to take it all out on reaching 55 ( usually a bad idea) or start to drawdown from it , or leave it alone until she is older ? How old is she now ? Does she have other investments /savings ? Plus what is her tolerance to risk ( basically if the fund dropped 30% in a week would she be gutted , or just see it as part of the financial cycle )?

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