2k in a pension from 4 years ago - can I get the money now?

gingerwine1973

Hello
I paid into a pension about 4 years ago with Allide Dunbar and wondered if there was anyway of getting to the money (2k approx) - I wont be paying into it any more and could really do with the money!

thanks ;0)

chesky369

You'd be better off posting this in the Pensions board (immediately after this one on the forum front page). But when you do, you should probably add your age, since it's dependant on that.

jem16

gingerwine1973 wrote: »

Hello
I paid into a pension about 4 years ago with Allide Dunbar and wondered if there was anyway of getting to the money (2k approx) - I wont be paying into it any more and could really do with the money!

thanks ;0)

Guessing that 1973 is your date of birth and that you are 34/35.

No you cannot get the money from the pension until you are 55 and then only 25% of it, the rest being used to provide a pension for you.

Milarky

With pensions* you can transfer to another plan but the money has to stay invested until age 55 or later. Thereafter you can take 25% as cash and the rest as income. It's a good idea at some point to consolidate pensions (eg you start a new pension with a new employer) because that way you can see how much you have saved etc more easily

*except for some 'final salary' schemes where you have less than two years membership - in those cases you could get a small refund of contributions (with tax taken off)

Pensions: Get informed!!

Milarky

..No I forgot about the 'triviality rules'. But they are unlikely to apply:

If ALL your various pension savings amount to less than an annually set government limit (currently £17,000?) which ought to rise line in-line with earnings then you don't need to buy an income with the 75% left after the lump sum. In that case, you have the option to receive the balance as a taxable sum (the tax being based on your income in that year, I think)

However 'triviality' is much less likely to apply since, from 2010 (or maybe 2012?) all staff will be auto-enrolled into basic workplace pensions called 'Personal Accounts' Although you can chose to opt out of this arrangement in theory, if you don't then your total pension savings by age 55 could very easily then exceed the limit mentioned above...

dunstonh

Triviality only applies from age 60.