i want my money!!!

mojo73

I paid into a pension fund with an old employer, and have £1800 just sat there doing nothing. i don't earn emough with my current company to have a pension with them and could really do with an influx of cash. anyone know how i can get my hands on my money??? step by step instructions please!!!

tinkerbell84

You might be able to transfer it into another pension, but it's extremely unlikely you can 'withdraw' it.

Pensions aren't savings accounts - the money stays in them until you retire, not until you feel like having it back!

dunstonh

anyone know how i can get my hands on my money??? step by step instructions please!!!

Step one - wait until you are aged 55 (50 until 2010) and ask for the benefits to commence.
or
step two - never do any more pensions and wait until you are aged 60 and take the value under triviality rules

They are your options.

jem16

mojo73 wrote: »

anyone know how i can get my hands on my money??? step by step instructions please!!!

1. Wait until age 55.

2. Ask for 25% lump sum.

3. Organise an annuity or drawdown for the rest.

mojo73

ok, but whats all this about reclaimiing lost assets? i found this pension by contacting the pension service and there is loads on this website about getting money back from your own or deceased relatives funds - so why, if the money is mine can't i have it back if i cant afford to pay into a pension? its sooooooooo frustrating

mojo73

2. Ask for 25% lump sum.

3. Organise an annuity or drawdown for the rest.


how do i do either of these?

tinkerbell84

You need to do step 1 first (ie wait till you're 55!)

brownbabygirl

tinkerbell84 wrote: »

You need to do step 1 first (ie wait till you're 55!)

Yes, that is the unique feature of a pension. Once the money is in, it stays there until you go on pension

dunstonh

if the money is mine

It's not yours. Pensions are a trust. The money is placed in trust to provide you an income in retirement (subject to a few get out clauses - like death and triviality).

scrivette

mojo73 wrote: »

ok, but whats all this about reclaimiing lost assets? i found this pension by contacting the pension service and there is loads on this website about getting money back from your own or deceased relatives funds - so why, if the money is mine can't i have it back if i cant afford to pay into a pension? its sooooooooo frustrating

The money is yours, so you will get it back. When you joined the Pension Scheme you signed up to a pension scheme and so the funds were put into the pension fund to accrue a pension for a later date. A pension fund is not a current account for you to withdraw money from.

At least it means that, come retirement age, you will have additional money being paid to you that you had forgotten about.

McKneff

i thought there was a new rule out lately that when you got to retirement
age you could get all your money back as long as it was under 15,000
or have i been dreaming