pension question

mickjohnlong

hope this is in the right place please move if its not

i started a pension two years ago and have been paying in a monthly payment i have just sat down and done gone thru all my out goings to try cut back on some if i stop paying the monthly fee what will happen to the money i have payed will i be able to get it back or leave it there and add to it i know i should ask the pension company but they are closed untill monday so i thought i would ask here

any help will be greatful

Eazy Mortgages

Really depends on the type of pension it is. But most of them you can stop/start paying when ever you like. The money you paid in will remain in the investment fund until you retire. Depending on the type of investment it might increase/decrease.

kaiser sauze

Yes, you can suspend payments.

Don't stop for too long.

ircoha

mickjohnlong wrote: »

hope this is in the right place please move if its not

i started a pension two years ago and have been paying in a monthly payment i have just sat down and done gone thru all my out goings to try cut back on some if i stop paying the monthly fee what will happen to the money i have payed will i be able to get it back or leave it there and add to it i know i should ask the pension company but they are closed untill monday so i thought i would ask here

any help will be greatful

just remember that the pension payment is fully allowed against tax and PRSI so in round numbers if the payment is 100 gross, u will only save 50 if u stop it.
IMO u would be ill advised to stop the pension payments unless u are in dire straits

broker2008

If you must...reduce payments to minimum or if not possible take a "premium holiday" if possible rather than merely "ceasing payments" altogether. Its a technical issue.

shanejunkin

Does anyone know if there is any way of cashing your entire pension due to extreme financial situations? ...

rjpk

you can't cash up early, you can stop regular payments & your policy will be considered 'paid up' but charges are still payable, if your policy is paid up and unble to meet charges the policy will be lapsed and have 'no value' and you will lose the tax relief. you can also switch to another approved pension.

i'm down in excess of my full last year investment to my pension and believe that it would have been better never to have started, you'd be better saving up and making your own investments!

shanejunkin

So under no circumstances can you access the cash in your pension fund? Even though you contributed it all yourself?

kaiser sauze

shanejunkin wrote: »

So under no circumstances can you access the cash in your pension fund? Even though you contributed it all yourself?

I'm sorry, the previous poster's answer is incorrect.

The facility to access your pension early depends on the rules of the scheme. Some do, more don't. You will need to find out who the trustees are and talk to them; get a copy of the rules.

shanejunkin

Thanks for you help... At least I know I'm ruined now

kaiser sauze

shanejunkin wrote: »

Thanks for you help... At least I know I'm ruined now

Have you checked this out with the trustees of your scheme?