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can anyone pls help-i have a pension from years before-whycant i access the money now??

(7 Posts)
purplerainbow Sat 27-Oct-12 10:40:28

i had a pension through fidelity quite a few years ago when i was working full time and i paid into it each month via my wage. Havent paid into it for about 6 years since having dc. I have no intention of paying into it again. Quite a few year back i rang and asked if they would give me back my money but they said no. Is this right? Its all my money, nothing was paid from my ex employer. It is about £4k which monthly amounts to naff all when i reach retirement age. But right now could really use that money!! Is this correct i have no right to it despite it being mine??

OddBoots Sat 27-Oct-12 10:44:33

As far as I know you can only have a refund on your contributions if you paid in for less than 2 years after that you can't. When you start a new pension however you may have the option of transferring it to your new scheme.

You can call the pensions advisory Service on 0845 601 2923 or message them here if you're not sure though.

Collaborate Sat 27-Oct-12 10:48:29

I'm pretty sure that's right.

purplerainbow Sat 27-Oct-12 10:56:20

oh cack. Such a pain!! I actually dont think it was more than 2 years.....i dont have all the paperwork. I have a statement so i have my account details etc.

ClareMarriott Sat 27-Oct-12 15:47:39

I would persevere and ask your pension company to provide you with what the current value is . If you do want to release the money to use, ask them what the options are and ask them to confirm it all to you in writing

purplerainbow Sat 27-Oct-12 19:40:28

do you think this is a seperate issue with the company or is it worth taking the detail to citizens advice bureau to get some help?

carolinemoon Sat 27-Oct-12 21:11:39

If its a personal pension (which I guess it is if no employer contributions) then you can't get a refund in any circumstances (2 year rule only for company schemes). You can only access it once you reach age 55 (or later if the minimum age is ever increased). If you don't pay any more in then chances are you'll be able to take it as a lump sum (current limit to do this is 18k). Unfortunately pensions are a long term savings vehicle, so can't be accessed early.

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