Personal pension plans may offer flexibility, including the option to take a premium holiday, which allows you to temporarily stop contributions while keeping your savings invested. It is important to note that certain costs and charges may still continue to apply. Taking a break from contributions may reduce the long-term value of your pension savings, so this option should be very carefully considered.
You may also cancel your personal pension plan within the 30 days cooling-off period. During this period, you may withdraw from the contract and receive a refund of any contributions made without penalties. Once the cooling off period ends, the contract becomes binding. Your contributions and pension savings will then remain locked in until retirement age.
