Pensions

[ck1]

I have recently changed jobs and have a small amount of money in the pension fund from my last job, can I close this account and take the money....?

[dzug]

Depends how small it is, but normally no.

[WendyS]

I believe that if you have been contributing to a pension fund for less than two years and leave, you have have a refund of your contributions, less tax. But pension legislation has just changed so the rules may be different now. However, if you can get your money out, don't spend it. Put it in a stakeholder pension. You can never have enough money when you retire and it will still hopefully grow over the years.

[undercovers]

better to see if you can transfer this to a new pension than remove it really but its your call, in my last job you could withdraw before 2 years also but to check this see the pension handbook that would have been given to you when you joined the scheme... do remember that the amount that shows in the pension is not the amount you get as when you are in the scheme you will have been paying a different level of national insurance (lower as you were not involved in the govt pension scheme i believe or something similar), there will also be some admin charges - talk it through with your pension admin people at the old work and see how much would be left over in the end if you did withdraw (might not be worth it)