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Pension Plan Withdrawal?
kcasey_2
Posts: 10 Forumite
Hi
I have a company pension plan for a company I have now left. I have had a statement through from the Pension Administrators (Mercer), and I have one question.
Is it possible to withdraw the funds I've paid into the pension?
At the moment I'm out of work, and our flat is still in need of a few items, and if I could withdraw this money it'd really help us out.
Thanks for any advice you folks can offer.
I have a company pension plan for a company I have now left. I have had a statement through from the Pension Administrators (Mercer), and I have one question.
Is it possible to withdraw the funds I've paid into the pension?
At the moment I'm out of work, and our flat is still in need of a few items, and if I could withdraw this money it'd really help us out.
Thanks for any advice you folks can offer.
0
Comments
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Is it possible to withdraw the funds I've paid into the pension?
No.
The Govt gives tax breaks for employers and employers with pensions to and because of that they prevent people drawing the funds early to spend on whatever they like. The earliest age to access part of the funds is 55 (50 until 2010). This is why they are called pensions and not savings.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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