pension advice

[bac123]

i am forty an have a pension that i froze some years ago i would like to release the money out of it , has anyone done that an how do i go about doing it.. thanks..

[missspeedy23]

I didn't think you could until you're 50?

[Hymie]

You cannot release money from a pension until you reach age 50, from 2010 this increases to age 55.

One piece of information which might prove useful, once you reach 55 � if your pension is a money purchase scheme (rather than in a company defined benefits scheme), and the pension pot is valued at �16k or less, it is deemed to be a �trivial sum� and you can have the total pension money � rather than having to buy a pension annuity.

[dasherman]

The triviality rule actually only applies from age 60 and is worked out as 1% of the lifetime allowance,which for this tax year is �16,500.

http://www.pensionsadvisoryservice.org.uk/pers onal_and_stakeholder_pensions/triviality/