I have a question about pensions, I am a complete numpty when it comes to anything financial.

[MegaLegs]

When I was teaching 8 years ago I belonged to the staff pension scheme. When I left work to have DS1 (and then 2,3 and 4) the pension I assume was put on hold. Every year I get a statement telling me whats in it and a projection of it's value when I retire. It is very little, just a few thousand and it decreases a little each year as Standard life take a small charge for it. Thing is, I could really do with the money now. I still own a flat locally which we rent out, the patio doors and windows need replacing so a little extra money would be handy.

My question is can I "cash" in my pension now and have the money. Will I incur financial penalties and lose much?

[LilLap]

I don't think you can get it out - but have a look at this

[MegaLegs]

Brilliant LilLap - (is that you lapin?)Very helpful. Doesn't look hopeful but I might be able to get the 25% tax free lump sum. Won't be alot though .

[LilLap]

Yes, it's me on a diet

I had the same thing last year - I have 15 years worth of pension wrapped up in 3 schemes, and I would much prefer to have the cash now! But no dice sadly. Hope you have better luck!

[Twiglett]

I don't believe you can touch a pension fund until you are 55 .. sorry

don't see why your pension is going down ... the charges they take should be offset by the growth of the investments.. it should be increasing not going down .. I'd look to change the pension provider if possible (dependent on exit charges of course)

[MegaLegs]

Twig - think it's 60 before you can touch it, oh well only 21 years to go .

Yes, the last few statements I've had it has shrunk a little, guess it's been invested badly. We have our annual meeting with our IFA in a week or two but he has a tendency to blind me with numbers and I find it hard to follow.

I'm hoping to sell the flat soon. I've made quite a bit on it. Maybe it would be a better plan to take out a loan for the replacement windows, sell flat and pay off loan with profit. Does that sound sensible?

[Twiglett]

pretty sure it's 55

[Twiglett]

how much are windows?

I'd put them on credit card tbh .. then move them to a 0% interest free card (you'll be charged 2 - 3% for this) then pay that off with the profit from the sale .... you can get a years interest free that way

[Cappuccino]

oh Twig you are so clever

I am so lucky to have you as a sister

[Pruners]

Message withdrawn

[TheStepfordChav]

Depends how long you were in the job; if you're not there long you can cash in your pension, or used to be able to. When I left a job after less than two years, I was able to stop the pension and take a small lump sum instead. I would contact the people who run the pension (Standard Life) & ask them.

[titchy]

Not sure why the value is decreasing - isn't the TP scheme a final salary one?

[titchy]

Chav - if you have less than two yeasr service you can get your conts back, but you also have to pay the extra (contracted in) NI conts which quite often cancel out the pension you get back!

[MegaLegs]

Good plan Twig - only thought it was 60 from LL's link, as I have said I have not a clue. Windows are one very big sash and patio doors so guessing will be mucho dosh .

Just found most recent statement, it has gone up a little, I was looking at wrong figure.

It's just under £5,000 - I think I was in the scheme for about 4 years.