Frozen pensions

[hammerman]

I have just had a text from a company offering to free up my frozen pensions. I have two currently, one that i had for 10 years and one for 3 years.

I was under the impression that these had to remain frozen until i was circa 65.

I have no plans to access them but has there been a change in law...or ever been a law that prevents you getting frozen pensions.

Many thanks

[bednobs]

you don't get the money out of the pension per se, they just buy it off you

[factor-fiction]

But you can draw the pensions yourself at age 55, and for some company schemes even earlier.

There are lots of articles on sites like MSE warning about these companies who buy your pension fund off you to release the cash. They'll usually offer far less than it's worth

[VHG]

Do you really trust anyone who would just text you out the blue?

This is how people get scammed.

[hammerman]

Sorry guys, i got a bit misunderstood here. I don't have any intention of cashing in my pension to anyone...i just didn't know the score with releasing frozen pensions.

Thanks for the replies

[factor-fiction]

To answer your specific questions then:

1) Question:has there been a change in law?

Answer: There have been no relevant changes other than the law in 2006 (known as Pensions A- day) http://www.talktalk.c...s/pensions-a-day.html
which included this change:

"Retirement age. The earliest age from which you can take an occupational pension or personal will increase from 50 to 55 by 2010. If your current pension contractually allows you to retire at 50, you will still be able to do so by 2010."

2) has there ever been a law that prevents you getting a frozen pension?

Answer- yes (see above)

So you should be able to access your pension (probably as a tax free lump sum plus income for life) before 65 if you want to, but if you want to leave until 65 that's fine.