Pension and Debt Management Plan, any advice please

[catandcoffeelover]

Hi

I just found out recently, that i have £13, 500 sitting in a pension after i was contracted out of SERPS in the late 80s

The man i spoke to said that i could take this money now, or claim it any time before I'm 75 (I'm 61 and was planning to work till 67, health permitting)

But...due to circumstances, I had to go on a debt management plan a year ago, and still has 4 years to run.

Now this money would be very handy if I could have it now, but its not a huge deal if I cant, after all I didn't know about it until recently.

If I took this money, would I have to pay it to the debt management company?

Would I be better leaving it till I'm finished paying the debt back or even retiring, and also would I be doing anything illegal if I don't tell the company about it (that worries me more than anything I think) I'm sure they said I couldn't have savings over a certain amount. I cant remember the amount but pretty certain a few thousand would be over the limit!

Thanks in advance

Hi, you need to give National Debt line a call , freephone 0808 808 4000 open Monday to Friday 9am-8pm and on Saturdays 9.30am-1pm or webchat online.

My opinion, no the DMP can not make you pay more off the debt from your pension. Take your pension when it is the right time for you considering all tax implications and future impact on annuity values. If the DMP is working well and you are happy with the terms carry on.

Good luck.