Accessing money in a pension

Ybird

Hi All

Through using this site, my partner and I discovered that he had an old pension from when he was 17 that he hasn't paid into for years. He's phoned up Barclays who the pension was with and it is worth quite a bit. He can't get the money from Barclays but they said that he could transfer it to another scheme and then surrender it after a month and get the money.

Does anyone know how we would go about doing this?

Many thanks

dunstonh

He can't get the money from Barclays but they said that he could transfer it to another scheme and then surrender it after a month and get the money.

You cannot do that.

You can access the pension in any way is after age 50 (55 from 2010). Even then you can only access 25% of the value. From age 60 he may be able to access a larger lump sum but only if the value of all his pensions are less than 1% of the lifetime allowance.

Unless he is over 50 now then forget it.