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    • Shady01
    • By Shady01 30th Aug 18, 6:10 PM
    • 2Posts
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    Shady01
    41 and want to take my contribution to personal pension
    • #1
    • 30th Aug 18, 6:10 PM
    41 and want to take my contribution to personal pension 30th Aug 18 at 6:10 PM
    Hi, I can't find this anywhere so I'm posting it here seeking help. I have a personal pension it was taken over by Aviva can't remember who it was opened by. My employer and myself paid into it, I got made redundant about 3 years ago, the pension is now closed as I couldn't afford to pay in what I was when working (think it was about 8 a week) so my question is as follows; I am 41 is it possible for me to remove all what I paid in in a lump sum?
Page 1
    • worried jim
    • By worried jim 30th Aug 18, 6:15 PM
    • 9,508 Posts
    • 14,633 Thanks
    worried jim
    • #2
    • 30th Aug 18, 6:15 PM
    • #2
    • 30th Aug 18, 6:15 PM
    Hi, I can't find this anywhere so I'm posting it here seeking help. I have a personal pension it was taken over by Aviva can't remember who it was opened by. My employer and myself paid into it, I got made redundant about 3 years ago, the pension is now closed as I couldn't afford to pay in what I was when working (think it was about 8 a week) so my question is as follows; I am 41 is it possible for me to remove all what I paid in in a lump sum?
    Originally posted by Shady01
    Generally no, unless you have a terminal disease and only six months to live. You can access your pension from age 55 years onwards, anything before this is dodgy and you risk losing all your money and having to pay tax for the privilege of doing so.
    "Only two things are infinite-the universe and human stupidity, and I'm not so sure about the universe"
    Albert Einstein
    • OldMusicGuy
    • By OldMusicGuy 30th Aug 18, 6:18 PM
    • 552 Posts
    • 1,106 Thanks
    OldMusicGuy
    • #3
    • 30th Aug 18, 6:18 PM
    • #3
    • 30th Aug 18, 6:18 PM
    It will be in your documentation, so read that. If this is a defined contribution scheme, you have to be over 55. The only circumstances where it might be possible are if you are seriously ill, see here: https://www.gov.uk/early-retirement-pension/personal-and-workplace-pensions.

    Be wary of any person or company that says they can get access to it for you. You could pay 55% tax on that if you do it. But maybe you are happy paying 55% tax?
    • dunstonh
    • By dunstonh 30th Aug 18, 6:20 PM
    • 94,460 Posts
    • 62,399 Thanks
    dunstonh
    • #4
    • 30th Aug 18, 6:20 PM
    • #4
    • 30th Aug 18, 6:20 PM
    o my question is as follows; I am 41 is it possible for me to remove all what I paid in in a lump sum?
    No. As its a pension, that means you can only access it during the retirement age range of 55 onwards.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Marcon
    • By Marcon 30th Aug 18, 7:07 PM
    • 492 Posts
    • 351 Thanks
    Marcon
    • #5
    • 30th Aug 18, 7:07 PM
    • #5
    • 30th Aug 18, 7:07 PM
    I am 41 is it possible for me to remove all what I paid in in a lump sum?
    Originally posted by Shady01
    Yes. If you can find someone to whom you can transfer and then do that, it will be classed as an unauthorised payment because it is made before the age of 55. You are, I hope, not terminally ill with supporting medical evidence that your life expectancy is no more than 12 months (not 6 months as suggested above).

    You will suffer a huge tax charge (55%) and the outfit helpfully 'liberating' your pension will have fees which will probably eat up at least half of the pot.

    You will be left paying out more in taxes and charges than you currently have in your pension savings, so probably not a good idea.
    • Nasqueron
    • By Nasqueron 30th Aug 18, 7:10 PM
    • 5,424 Posts
    • 3,343 Thanks
    Nasqueron
    • #6
    • 30th Aug 18, 7:10 PM
    • #6
    • 30th Aug 18, 7:10 PM
    Probably worth speaking to a pensions advisor about getting the money into a lower rate plan that you can contribute to, even a small sum with tax additions is worth doing for the future
    • Shady01
    • By Shady01 14th Sep 18, 5:10 PM
    • 2 Posts
    • 0 Thanks
    Shady01
    • #7
    • 14th Sep 18, 5:10 PM
    • #7
    • 14th Sep 18, 5:10 PM
    Thanks everyone for your help I think I will just leave it then, thanks again.
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