Can I withdraw from my pension this early?

loubie_lou

Hello all....

This is probably a daft question and I know nothing about this kind of stuff. I was wondering if anybody could help me?

Basically I am 26 and started my first company pension in February 2007. I am paying in 5% of my annual salary and it is with Norwich Union.

All I wanted to know is can I withdraw the money I have invested into this pension? I figured out that I am in a bit of debt at the moment and I am still young enough to start a pension in a few years and I could really do with the cash at the moment.

If anybody could help me I would be grateful. It's all mumbo jumbo to me!

Thanks

Loubie

[Deleted User]

Hi loubie_lou

Its been a while sinceI dealt with pension case, but this is what I remember.

Once you have started paying into your pension you can't withdraw it til a certain age (written into the terms) but if you talk to your NU they will be able to give you other options - you may be able to transfer or make it paid up (stop paying into it).

There may be other options as well.
Hope this helps
Becca

dunstonh

Doesnt matter if you can transfer it, the pension is not accessible until age 55 at the earliest (or death).

loubie_lou

Thanks Becca

I think you're right, stopping my pension contributions my be the right answer for the moment.

Cheers