I have been paying a pension for 10 years but need the money back can this be done? it is a nhs pension.?

i am 30 yeas of age but have recently had a lot of roblems hence why i require to redeam.reclaim my pension fund if possible.

I have an NHS pension and was in a similar position a couple of years ago. If it is a matter of saving money then you should be able to opt out of paying into your pension for a period of time. This won't mean that you'll get your money back, but whatever monthly payments you put in there you'll have to yourself instead. But bear in mind that whatever you pay into your pension fund is not taxed, so say you pay in 拢100 a month, by opting out you will get 拢100 less tax more than normal each month.

It is possible to get the money from you pension fund, but I think that there is a cut off point after which you cannot do this, and I'm afraid I don't know what that is. Yet again though, because the money in there you haven't been taxed on, if you get it back, you will get it back minus tax...

If you speak to your payroll department they should be able to advise you the best on all aspects of your pension scheme. My payroll dept is pretty clued up and helped me anyway.

Oh, and the reason that moat company pensions like this are better than a saving account is because in most instances your employer matches whatever you put in... 拢100 from your salary + 拢100 from them...much better than a saving account!

I don't think you can redeem it until later on in life...

No I doubt it very much, you can't claim till you're a pensioner, meanwhile your payments go to paying the pensioners of today

erm ur gonna have to wait till ur like 70 think fresh m8

Nope not until you are 50 at least.

Which is why it's probably a lot better to put your money in the bank or a savings account instead.

No you can't and it's probably just as well. Now you are young enough to work and get yourself out of this financial pickle, when you are retired you won't have that option, you'll need it much more then.

Try going for debt counselling.

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