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£200 in pension pot from short term employer - can I cash in?

(4 Posts)
maggiethemagpie Mon 23-Jan-17 09:11:52

I have £200 total value in a pension pot from an employer I was only employed with a few months.

Seeing as it's such a ridiculously small amount, it seems silly to have it sitting there for however many years until I retire.

Is it possible to cash it in now, I know i will lose some value due to taxation but I'd rather have it now than keep it seeing as it's such a ridiculously small amount.

I know I can cash in pension at 55 but I'm only 40 btw!

Sunseed Mon 23-Jan-17 16:06:47

Find out what the scheme rules are. Many will say that if you have made less than a certain number of monthly contributions then you can take a return of those contributions. Tax relief will be deducted accordingly.

Alternatively, have it transferred to another pension plan if you have one.

emmab250 Mon 23-Jan-17 21:18:50

You can take a refund of contributions if you left the scheme within the last 2 years but you cannot take the full value of the pot until age 55.

saltydogandme Tue 24-Jan-17 15:02:01

Message withdrawn at poster's request.

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