Is it possible to cancel my pension?

llewellyn · Apprentice Joined: 05 Jul 2006 Posts: 7

Hello. I lost my job a month ago. First I was not much concerned, because I thought that I will find another job very quickly. But that is still not the situation so I have to cut as much of my expenses as I can. It will suit me very much if I could cancel my stakeholder pension, and withdraw the money to pay some debts. Is it possible to cancel a pension?

cash · Apprentice Joined: 03 Jan 2004 Posts: 9

That is the very often question about pension. Every one of us can sometimes come in a money problem situation. You can find your answer in the paperwork you signed for your stakeholder pension. Short answer on your question will be negative, because you can't take your money from a pension fund until you reach the certain age. That is because of the concessions given to you. So the only way you can get the money in your pension is to wait till you reach 55. But you always can stop your payments, and then you can divert that money to pay your debts. When you consolidate your financial situation, you can always continue to pay your premium for the pension. And that is one major advantage of the stakeholder pensions. I'm sorry that I can't give you a positive answer on your question.