Overwhelmed by all the pension jargon? Fear not, our pension glossary has you covered. All the important terms and acronyms explained right here.
What is a Frozen Pension?
When people talk about a ‘frozen pension’ they’re usually talking about a workplace pension from a former employer that they’re no longer contributing to. These are also sometimes known as ‘preserved pensions’. Although you can no longer pay into these pensions the money continues to grow and can be accessed from the age of 55. You may be able to transfer it beforehand to save on fees and make life easier, but there might be exit charges to consider.