Should people be allowed early access to their pension savings?
Please login to vote on our poll.
Yes they should be allowed unlimited early access
7% (2 votes)
Yes but access should be limited
48% (14 votes)
No
45% (13 votes)
Total votes: 29
Quick facts
What our users are talking about
Poll
Most popular news
Moneywise
News, articles, advice and guides from everyday money issues to how to grow your money. Covering all aspects of personal finance, Moneywise offers independent news and views, forums and blogs, as well as unique compare and buy comparison tools.
Moneywise distributes services supplied by Interactive Investor. Interactive Investor Trading Limited, trading as "Interactive Investor", is authorised and regulated by the Financial Services Authority. Copyright © 2010 Moneywise. Terms & Conditions About Contact us Subscriptions Advertise Customer Service Awards
Comments
Human greed, which got us into this mess in the first place, would take the money and spend it now. A resulting reduced income for the rest of their lives, (20 years?), would be very much regretted. Let common sense prevail.
BJ
The problem with pensions is they are completely foreign to the general public. People have been frightened away from them because of this and the fact that they have been under performing for many years. Its a downward spiral. If people start taking their money early there will not be enough left to see them through their 'longer' lives.I find it hard to get my head around the fact that I can not have what is mine though. Its like being held to ransom.
I thing Governments should run pensions and take a fixed percentage and give it to bank of England to sort out. Its only like a bit more tax but you evenyually get it back....if you live long enough.
Confused
Yes, I think people should be allowed early access to their pension fund. I started a pension fund quite early (about 23 years old), primarily due to the fact that my employer would contribute x% if I contributed y%. They considered this part of my salary, which I would have lost if I had not opened a pension scheme. Obviously tax rules make it better for employers to pay you this way. 13 years later the penion 'pot' is fairly considerable. I now need finance for private medical treatment, which I cannot afford. It seems very unfair that there is over £30,000 of MY money that I cannot touch. If I don't pay for the treatment I probably won't make it to the age when I can take my pension! How fair is that?
Post new comment