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Investment held in trust - what exactly does that mean ?

Abour 10 years ago the company I was working for was taken over - the pension fund was closed and we were given 3 options :

  1. Get back the contributions + interest (peanuts!)
  2. Get a 'settlement' value for transfer to an investment (5x value of option 1 !)
  3. Transfer to new company's profit sharing fund.

I took option 2 and the money has been invested with Friends Provident since then, but held in trust until I am 50. The trustee is my mother.

Now is that money untouchable until then ? I know I can transfer it between different investments at FP, but cannot actually cash it in. I'm considering building a house extension and the current investment would pay for half of it. If I could get hold of the money now, all I would need is an unsecured loan for the rest - if not then I would have to go for a secured loan, and hopefully be able to pay off a bulk of it when this money is available in 7 years time. I'd rather the former option - has anyone any suggestions ?

TIA Steve

Reply to
SteveG
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In message , SteveG writes

It sounds like its in some form of pension plan, in which case I can think of four ways to get the money out of it before 50: i) die ii) contract a terminal illness and you _might_ be allowed the money early iii) become a professional footballer and retire (or some other 'special' occupation) iv) Speak to the wife of the former finance minister of Nigeria who keeps sending me emails.

Have you asked FP to clarify the position?

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me

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