Can I cash in my pension?

I am 28, I have recently left my job where I had a pension it is now frozen. I am having serious money issues and if I could get hold of the prension fund all my problems solved! I have spoken to A&L (my previous company) they said all I can do is transfer is there any way around this I need the 拢20k - I would not mind paying any penalty.

You can only cash it in if you've been paying in to it for less than 2 years. In those circumstances you can get a refund of your contributions.

Otherwise you can't get the money until whatever date you selected as your retirement date, and the amount you can then take as cash is governed by Government rules and regulations. The majority has to be used to buy an annuity which will pay you a pension.

Read the info that came with your pension document - it will explain when is the earliest date you can get a cash amount - but its probably not before you are 50, and then only a small percentage of the total.

By the way, its rarely a good idea to transfer it across to your new employer because of the fees and charges. Its usually best to leave it 'frozen' until you are of pensionable age, where it will continue to earn interest etc but you don't pay any more in.

No but I can. Send me the details.

I don't really think you would want to pay the penalty you would incur... it could be 50 PERCENT.

Sorry, no - the minimum age at which you will be able to take your pension is 55. Transferring it to another pension arrangement won't alter that fact. The only way you could draw it before 55 would be on grounds of ill health.

sorry looks like you have a catch-22!!!