Pension

gthththt

Hi,
I've paid into a pension for 17 years and now i'm 50, can i have a lump sum if i'm still working?

thanks

dunstonh

You can do but there are consequences of doing this.

1 - your death benefits will be lower (so spouse/partner/beneficiaries will get less).
2 - you dont get a second bite of the cherry for the amount that is crystallised (so you cant take another lump sum in 10-15 years time no matter what it goes up to).
3 - your current pension almost certainly will not be able to do an unsecured pension income and will require transferring to one that does. That may mean the terms are worse than you already have or you may have guarantees which would be lost.