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barber | 14:41 Wed 09th Jan 2008 | Business & Finance
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I have �6oo frozen in an axa insurance /pension which stopped when I finished working to have baby can I GET MY MONEY?axa pensions
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The short answer is no. You can't cash in a pension or get cash out until you are at least 50.
From 2010 the age limit will rise to 55,but in the meantime you can transfer it to another pension if you like.
If it's an employer's pension you may be able to get your money back if you've paid less than 2 years' contributions- ask the employer if this is the case.
There is a reason why mpension money can't be cashed in before age 50. The government encourages everyone to save for pensions to keep down the cost of supporting pensioners through pension credits etc. It gives tax relief to encourage us. In return the pensions money is locked away until at least 50. This is to stop people dipping in and early and spending their pension pot before retirement age and then leaving teh state to puck up the bill.
if it is a works pension and you have been paying in for less than 2 years, you can get the money back, but if you transfer the benefits into another pension, you can also reclaim the money that the employer has paid in as well.

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