Claiming works pension at 55

cathg_3

My husband worked and paid into a company pension for 21 years, (paying AVCs also) before being made redundant 5 years ago.

He's 55 this year and was thinking of writing to ask if he could start drawing on his pension - would this be advisable in today's climate? The AVCs were put into a separate buidling society account.

Day_Trader

Depends on whether what's there meets your needs.
What's the fund value and what's it invested in?
What type of scheme is it?

cathg_3

It's an annuity. We don't have regular communication from them - no annual statements or anything.

I've just read that if the money invested in the With Profits Fund is taken out 'at any time except on death or normal retirement date, the amount paid out may be reduced to reflect the current market value on the underlying assets'. So I guess it is probably the wrong time.