Access Money in an old pension

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patm2007

Registered User
Messages
11
Hi

I have 50k in an old work pension, I forgot it was there.

I'm 40 this year, is there any way I can get my hands on some of this money now? We are considering upgrading our home and I'd prefer to do this without a loan. An extra 10-15k would allow us to do this with existing savings and no loan.

I have a fairly decent pension pot with my existing employer so not concerned about taking money out of this one if I can.

Thanks
 
Last edited:
Do you have to be retired or can you access an old pension from previous employer if still working? Any idea if its taxable or any fees if some of the money is withdrawn?
 
If you were working for that employer for less than 2 years, you can cash in the pension, but it is taxed at 20% and in some cases the employer contributions are taken back.
 
dubdub123 said:
Do you have to be retired or can you access an old pension from previous employer if still working? Any idea if its taxable or any fees if some of the money is withdrawn?
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You just have to be over 50 and no longer employed by the employer the pension related to. You can still be employed by someone else.
 
AndroidMan said:
If you were working for that employer for less than 2 years, you can cash in the pension, but it is taxed at 20% and in some cases the employer contributions are taken back.
Click to expand...
There are a few more details to this one, but it's possible in certain circumstances
 
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