Getting hold of Pension early?

[Vron]

Hi
I paid into a Company pension for 11 years and then moved jobs so this is now Frozen I understand. As there is continual doom about investments I was toying with the idea of (if I can) getting my hands on my money and paying off the Mortgage with it. Is it possible / advisable ? I have another Pension with my new employer but its a stakeholder.
Thanks

[Mx_Stu]

I'm no expert but am pretty certain that you can't get any money out of your pension until you are at least 55, possibly rising to 60 soon.

I believe you can however transfer any existing pensions into a stakeholder.

[F355gtb2009]

i thought dependant on the scheme u cud take it out early witha reduced value, i know spva works that way

[-Pete-]

The minimum age is 50, but will rise to 55 in 2010. Currently, you can then take 25% in cash and the remainder must be used to buy an annuity which pays a fixed* rate for the rest of your life (and possibly a reduced amount for your spouse's life).

So, no, unless you're 50+.

• or it might be index linked to inflation, so rising slightly over time.

Edited by -Pete- on Saturday 22 August 00:21

[Tiggsy]

pretty much, as above. also.. if your worry is equity returns, isnt now a pretty daft time to get out the market?

[Vron]

Tiggsy said:

pretty much, as above. also.. if your worry is equity returns, isnt now a pretty daft time to get out the market?

True it was more the fact that there is enough there to pay off the mortgage that was tempting me.