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frozen pension...how can i get to the money???????
skinto_malinto
Posts: 9 Forumite
hi people,
ok heres a tricky one for you.
I have a pension with CIS. It was frozen after 10 years, unknown to myself. (i pay everything DD). They said i was sent a letter asking if i wanted to keep contributing (who stops a pension after 10 years?!?!) This letter never made it into my hands and the account was frozen.
I cannot cash it in, but I can transfer it to another pension scheme.
Heres the tricky bit...............
As you may have guessed by my moniker, I am in financial difficulties. Nothing extreme, I just need to be a bit more cash rich (don't we all!)
CAN I transfer this to another scheme that will let me cash it in or is this a complete non-starter?
WILL I be penalised for this?
In laymans terms....."I WANT MY MONEYYYY!!!"
Please advise if you can.
Many thanks, you lovely people.
And thanks to those who helped with my mortgage problem.
Skinto Malinto
ok heres a tricky one for you.
I have a pension with CIS. It was frozen after 10 years, unknown to myself. (i pay everything DD). They said i was sent a letter asking if i wanted to keep contributing (who stops a pension after 10 years?!?!) This letter never made it into my hands and the account was frozen.
I cannot cash it in, but I can transfer it to another pension scheme.
Heres the tricky bit...............
As you may have guessed by my moniker, I am in financial difficulties. Nothing extreme, I just need to be a bit more cash rich (don't we all!)
CAN I transfer this to another scheme that will let me cash it in or is this a complete non-starter?
WILL I be penalised for this?
In laymans terms....."I WANT MY MONEYYYY!!!"
Please advise if you can.
Many thanks, you lovely people.
And thanks to those who helped with my mortgage problem.
Skinto Malinto
Pensions...are they still worth it in the long run or are we better without? 12 votes
Yes. Definately still worth it.
66%
8 votes
Yes, but you have to start it early and put a lot into it to make it worthwhile.
25%
3 votes
Would rather put a little away each month under the mattress to cut out any losses.
0%
0 votes
Nope. Keep working til you drop!
8%
1 vote
0
Comments
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....."I WANT MY MONEYYYY!!!"
You might be able to access 25% as a cash lump sum if you are 50 or will be in the next 26 months
After that you have to be 55
Other than that you can only take the rest as Income once you reach the required age'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
Thanks Purch, but I am only 38...Dammit!0
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Probably helps to use the right terminology. You do not have a frozen pension. You have a paid up personal pension.
Lots of people. Circumstances change.who stops a pension after 10 years?!?!
And you will get it in retirement. The Govt has given you tax relief and tax free growth. It doesnt do that so you can access the money before retirement.In laymans terms....."I WANT MY MONEYYYY!!!"I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
thanks Dunstonh...looks like I'll have a long wait to get my £7+ pension! Mmmm...can hardly contain myself!
cheers mate0 -
Well hopefully you wont only have this pension. If you have others you could investigate combining them.
The basic state pension is £4500 a year so its not a lot of fun if you only end up relying on that.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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