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Using pension for deposit?
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Ah I’m not sure, as I say I have literally just been told he heard or read it somewhere, again, it popped up in conversation.InMyDreams said:Could it have been a small DB pension? I did this 25 years ago. I had contributed for just less than 2 years when I left work before our first was born. You had to have contributed for at least 2 years to be eligible for any benefit when you retired. As you have no ‘pot’ (like you would with a DC pension) and no benefit on retirement, you were allowed to get all your contributions back (taxed, obviously) if you left employment within the first two years. I think it still works like this, but is quite a specific situation. It’s also highly advised against for several very good reasons. But we did it and used it towards our first house deposit.
it would be nice if I could take some out, I have 213k in there currently (not sure if figures are allowed), so I could take a pretty sizeable chunk, as I’ve only been in my workplace 14 years, and have a future there for another 15-20 at least, so could easily top that back up.
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