When this happens the pension is then ‘frozen’. Usually, the funds already paid in will not be accessible and can often be altogether forgotten by the employee. These funds are still subject to market variations and economical fluctuations and thus the amount can rise and fall depending on these factors. It is therefore important to consider making an attempt to access these funds before they can be depleted entirely. Regaining access to these funds can be a huge help for people in need of a bit of extra money whether it’s to pay debts or get a helping hand with Christmas expenses.
An old company frozen pension is rarely something worth keeping hold of. It can often be more wise to remove the funds and re-invest them elsewhere. Be careful when attempting to access the funds as this action can incur additional taxation fees.