Pension Question

wiseolsham

Hi, not sure if this is in the right part...but anyway....

Im paying a pension for the last few years and I recently want to terminate the pension. I was told that I have to surrender the policy in writing. I was told I would then get an amount of cash and that was that. I rang today and was told I was given the wrong information and I can only get the cash when I hit 60. Surely this is wrong? Ive stopped the direct debit and cancelled the pension but now, after being told one story, Im now being told another and will have to wait 30 odd years to get my money...

Anybody any advice?

Oryx

Id try posting in Biz>Personal>Banking, Insurance & pensions.

lynchie

Thats generally the way they work.. You pay into them and they mature when you hit retirement age.. Check your T&Cs for your policy but doubt you can cash them in before (unless you die!)

RichMc70

Depends on the scheme but often you can cash in if you've been a member for less than two years. After two years you can arrange transfer of your funds to a new scheme or personal pension.

As post already mentioned, best to check the T & C's or speak to an advisor from the Pension Scheme provider (insurer).

A Dub in Glasgo

Sounds like you are past the general 2 year rule which means you do not get your money until you retire.