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Cash in Pension?

SnowBandit Posts: 3 Newbie

6 July 2006 at 6:07PM in Pensions, annuities & retirement planning

Simple question.
I have a sum of money in a frozen Scottish Widows Pension - can I cash it in somehow?
Age now is 44

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Comments

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  dunstonh Posts: 120,345 Forumite

  

  6 July 2006 at 7:34PM

  No you cannot. If it is less than 1% of the lifetime allowance at age 60, you could consider it then.

  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.

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  EdInvestor Posts: 15,749 Forumite

  6 July 2006 at 10:01PM

  SnowBandit wrote:

  Simple question.
  I have a sum of money in a frozen Scottish Widows Pension - can I cash it in somehow?
  Age now is 44

  
  When you're 55 you can extract 25% of it in tax free cash (from aged 50 to 2010).

  Trying to keep it simple...

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