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Strictly speaking there is no such thing as a frozen pension, this is because your pension will still be invested and should still be growing.
The term is commonly used when describing a pension fund from a previous employer, regardless of whether the fund was a final salary pension or an investment related pension. The benefits in either will have been increasing from the date you left the employer.
The proper terms for either of these historical pensions would be "deferred pensions" or "paid up pensions", and both have the same caveat- neither you nor your previous employer is paying into the fund.
Care must be taken when considering any changes to a frozen, deferred or paid up pension as it is rarely advisable to change them. Ensure you take professional advice before making any decisions.
Regardless of what you choose, you should make sure you keep the details of your previous pensions. The information will make tracking them down later much easier.
Frozen Pension and the under 55's
Professional FCA registered advisers.
Maybe you've considered the question, can I un-freeze my pension and release cash?
Depending on your personal circumstances it may be possible to release cash from your pension, even if you are under the age of 55.
However, it must be noted that it is against the law in to sell (or release cash) from your pension fund unless your circumstance allow you to meet very specific criteria. And this can often be dependent on the original pension scheme you signed into, and if you have any serious illnesses. Contact us to find out if you qualify even if you're under 55.