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Frozen Pensions

Saving for a pension takes a very long time and is vitally important for our old age. By the time most people retire in late middle age, it is highly likely that they will have had many different jobs. When someone leaves a job to go elsewhere, they will typically stop paying into their company’s pension scheme and start paying into one with their new employer.

The pension scheme left behind is then “frozen” as you are unable to contribute any further funds to it. Also known as occupational frozen pensions and preserved pensions, frozen pensions are “frozen” until the person reaches retirement age which in the United Kingdom currently stands at 60 for women and 65 for men.

If you require assistance regarding a frozen pension, The can help.

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What can I do if I have a frozen pension?

If you have a frozen pension, you have various different options available to you.

Perhaps the most popular of these is releasing the capital in the pension fund so that it can be used before you retire in whatever way you wish. One way of releasing up to half the value of the frozen pension from a previous employer is by taking out a pension backed loan. Doing this would then give you a quick solution to any urgent financial needs you may have.

It is important to highlight the fact that this option is not available for frozen state pensions as they don’t currently qualify. Frozen state pensions differ from frozen occupational pensions in that they are the “freezing” of state pensions by the British government of pensioners living in certain foreign countries. They are often confused as they both tend to be referred to simply as frozen pensions.

This is by no means the only option available to you and The can provide you with other options regarding your frozen pension should you wish.

The can help

If you’d like to discuss a frozen pension scheme with The and the various options open to you, simply fill in the contact form to the right of the screen and we’ll get back to you at a time that’s most convenient.

Frozen Pension, Head Office Future House, South Place, Chesterfield S40 1SZ
Frozen Pension is an independent marketing website which acts as an introducer to Qualified Financial Advisers. Each company is authorised and regulated by the Financial Services Authority. Frozen Pension are not authorised to give advice and we are not liable for any financial advice provided by, or obtained through a third party. The information published on this website is for information purposes only.