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County Council work's Pension enquiries

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tommysaidtug
tommysaidtug Posts: 1 Newbie
in Auto-enrolment
My works pension runs for ten years, In april there are new pension
rules applying, will it be possible to withdraw the rest of my pension
as a lump sum

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  • dunstonh
    dunstonh Posts: 116,371 Forumite
    Name Dropper First Anniversary First Post Combo Breaker
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    will it be possible to withdraw the rest of my pension

    No. Its a pension not a savings account.

    Only when you get into the retirement age range do options then start to apply to you (55+)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ajt121
    ajt121 Posts: 1 Newbie
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    I also have a local government pension which was frozen when I left 9 years ago. My pension is payable when I am 60 (3 year's time). I only work part-time due to health issues and am starting to use up my savings to live on. My question is, which option is best -
    a) continue to use my savings (at the moment in an ISA paying 2.75%) or
    b) apply to my previous employer to draw down some of my pension pot?
    thanks
  • molerat
    molerat Posts: 31,855 Forumite
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    edited 25 February 2015 at 12:41PM
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    You do not have a "pension pot" nor is it frozen, you have a deferred final salary pension increasing each year with inflation. You can not draw down some of the pension. You can start taking the pension after 55 with a reduction at the discretion of your former employer, there may be some reduced reduction if in serious ill health. You need to look at your scheme information or contact them for the details.
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