Pension Withdrawal - Due to less that a year of employment - Advice request?

acebanditcat

I have been told that I and the rest of my co-workers are being made redundant.
I have been with the company 9 months tomorrow.

They have given me two months notice and I am aware I don't get any redundancy as I've been here under two years.

But my query is my pension.  I have been in it since the first contribution in August. So that's 8 months and it has a value of £1,318.00 at the moment. So when I leave this could be around 
£1490.00. I am 57.

I have debt of around £2,000 so I would like to withdraw this pension and pay towards this 
as I have other larger pensions which I wont be drawing for another 10 years.

I've just spoken to the pension company, who said they can only tell me 25% is tax free and the remaining 75% is taxed so didn't tell me an amount of if they will charge me to with draw it

Its with True Potential and he said its a personal pension but was provided by my company

Would anyone know what sort of amount the the bank, as it were, i could/should get

Thanks in advance for any advice

Marcon

acebanditcat said:

I have been told that I and the rest of my co-workers are being made redundant.
I have been with the company 9 months tomorrow.

They have given me two months notice and I am aware I don't get any redundancy as I've been here under two years.

But my query is my pension.  I have been in it since the first contribution in August. So that's 8 months and it has a value of £1,318.00 at the moment. So when I leave this could be around 
£1490.00. I am 57.

I have debt of around £2,000 so I would like to withdraw this pension and pay towards this 
as I have other larger pensions which I wont be drawing for another 10 years.

I've just spoken to the pension company, who said they can only tell me 25% is tax free and the remaining 75% is taxed so didn't tell me an amount of if they will charge me to with draw it

Its with True Potential and he said its a personal pension but was provided by my company

Would anyone know what sort of amount the the bank, as it were, i could/should get

Thanks in advance for any advice

Here are details of their charges: https://www.tpllp.com/pension/

The provider won't be able to tell you the amount until you actually make the withdrawal, at which point you will receive 25% tax free and the remaining 75% will be taxed (any overpaid tax can be reclaimed by you from HMRC).

LHW99

Are you over 55? If not you cannot access the pension.

Marcon

LHW99 said:

Are you over 55? If not you cannot access the pension.

OP has said they are:

acebanditcat said:

 I am 57.