Pension

[Nummy]

I have a pension scheme with standard Life that i paid into years back and work contributed too.

I got my statement recently and it's only around £1200, and i was wondering if there's any way i can get the lump out now? and how much would i lose?

[boxtops]

You would need to ask them, it depends on when it's due to pay out etc. It may be restricted to your 60th birthday or something like that, in which case - if they will pay out early - it'll probably be less than you are expecting. They invest on the assumption that they will pay out on the due date.

[Count-A-Strong]

You need to write to them and ask for a settlement figure.

[factor-fiction]

Can only draw a pension now if over 55. If so then i'll give more details of your options
If you are a way off being 55 then there's nothing you can take out yet

[factor-fiction]

You normally can take a maximum of only 25% of the fund value as a lump sum; the rest has to be used to take an annuity/regular pension.
The only exception is if the TOTAL value of all your private/employer pension pots is regarded as a trivial amount. If this £1200 is all you've got you then that will be enough to draw it all as cash. But that depends on your age and the scheme rules