Personal Pension - can I get the money out?

[ducdo]

I am 34 and have a personal pension with Scottish Widows that I've not contributed to for years. It was a private plan I had when I was younger.

However there is around 20k in there and I could REALLY do with the money.

Is there ANY way I can cash it in, even if penalties to pay.. surely I can get the cash, it is mine afterall??? or do I have to wait until retirement. Any advice would be appreciated.

Unless you are over 50, then generally no, it's part of the regulations of pensions that they are a long term investment. You may be able to take some of it - around 25% - as a cash option as it was a personal not company pension, and you should call them just in case, but unless you are terminally ill, it's highly unlikely you'll be able to get it, sorry.

I'd call Scottish Widows and ask about the conditions associated with removing some/all of the money.

There can be heavy penalties/taxes associated with removing pension funds early.