Can I release money from my old employers pension.

malcindebt

I've almost got myself debt free, from £32500 to just under £2000 left thanks to MSE's various guides.

Things however have taken a turn for the worse and I want to finish paying off a loan and credit card asap.

I've been sacked for having too much time off work due to illness. They didn't make me redundant on health grounds, but put me through disciplinary proceedures due to the amount of time I have had off work, despite knowing the situation.

What I want to do is cash in the pension I have from a previousd employer, the only problem is I'm only 32.

The pension is non transferrable, so I cannot transfer the funds into my personal pension plan, and will ahve to wait anotehr 18 years until i can draw it.

I left the employment 4 and a half years ago, and has been there 6 years and contributed from day one.

So, I wondered if there is any way i can cash this pension in and get rid of my outstanding debt. That way at least I won't have any worries on that front.

seven-day-weekend

I'm afraid you can't until you are 55.

loveandlight

Posted by malcindebt
I've been sacked for having too much time off work due to illness. They didn't make me redundant on health grounds, but put me through disciplinary proceedures due to the amount of time I have had off work, despite knowing the situation.

Sorry to read about you losing your job. Have you taken legal advice about this? It sounds like you may have a claim for unfair dismissal. Your property insurance usually has a free legal helpline you can call.

Retired_I.F.A.

You can transfer your pension, who said you couldn't?

malcindebt

loveandlight wrote: »

Sorry to read about you losing your job. Have you taken legal advice about this? It sounds like you may have a claim for unfair dismissal. Your property insurance usually has a free legal helpline you can call.

They say the condition I have would not cover me in any claim against them.

I suffer from M E and it is quite bad.

You can transfer your pension, who said you couldn't?

I contacted the company that administers the pension scheme and they said that as I had not transferred it within 2 years of leaving the company that I could no longer do so.

Retired_I.F.A.

Contact them again and ask for a transfer value. If they say the same remind them you have a legal right to transfer.

loveandlight

Posted by malcindebt
They say the condition I have would not cover me in any claim against them

Who is They?

malcindebt

loveandlight wrote: »

Who is They?

They is my employer, or as it stands curently, former employer.


Just taking the subject way, way west... interesting username, any reference there to the band Proud Mary?

firesidemaid

of course 'they' are going to say that as they do not want you to appeal.

contact acas asap for some free employment advice - tell them the whole story and they will advise you whether you have grounds to appeal.

it could come under the disability discrimination act. did 'they' try to help you find other suitable or part-time work within the same company?

have you applied for benefits to ensure you have an income and so you are getting NI contributions towards your state pension?

loveandlight

It really does sound like you have a claim against your former employer. You owe it to yourself to get some legal advice about this. My username relates to my spiritual beliefs :rolleyes: