Can you withdraw funds from company pension?

simpywimpy

I know you can transfer to a different one but my hubby has a small amount in an old company pension that is not performing at all and they have written to us telling of a shortfall. Can we just withdraw the whole amount?

I thought I read somewhere about a change in pension laws that said you could...

Hubby is 55

dunstonh

I thought I read somewhere about a change in pension laws that said you could...

Nope. Only if all your pensions are valued at less than 1% of the lifetime allowance after age 60 can you access the pensions as a lump sum.

At 55 you can commence a pension though.

simpywimpy

How do I find out if it's less than 1%?

dunstonh

simpywimpy wrote: »

How do I find out if it's less than 1%?

Find out the value of the pension (or nominal value if final salary scheme). THe 1% figure is currently £16,500 but will be higher by the time your husband gets to age 60.

EdInvestor

If you commence the pension now you can take 25% in cash tax free.You can leave the rest invested for later without taking an income if you like.

HERMANO_2

Can you tell me if it is worth transfering my old Pension into my current company pension, my age now is 57, i will be 58 in jan 2008.

dunstonh

HERMANO wrote: »

Can you tell me if it is worth transfering my old Pension into my current company pension, my age now is 57, i will be 58 in jan 2008.

Thats a bit like asking you: "can you tell me if the money in my left hand is more than the money in my right hand"

You need to analyse the two options and see which one gives you the most benefit. Without facts we cannot comment.