Cashing in pension?

[geordieminx]

Another question...

Copied and pasted from dp's email

Might be worth asking mumsnet financial services about the pension thing. Paid about £12k into it over 3 years, up until 4 years ago, and have ?taken a payment holiday since?. Ask what the likely worth of it would be when I?m 65 if I?m not putting any more money into it.Also ask, if it could be surrendered and the money taken out, And if so what percentage would have to be paid back to the taxman as it was taken out of gross wages. 12k sitting there for a pension of 50p a month or something aint that great

Thanks ladies.

Definitely NOT a financial adviser but if you are looking at wills etc and concerned that in the event there will not be enough cash to cover obligations ( and lets face it men with 2 families have LOTS) have a proper look at some basic life insurance. This is a relatively cheap way for everyone to sleep at night ( as long as you keep paying the premiums). Friends did this, so they know that in the event of hubby dying, they know that there will be £200k to go to kids from first marraige( premium covers them until they are 25) which matches the provision for family no 2,taking into account the other assets.Therefore there can be little argument that there was not sufficient provision for them in the will.