old pension

gambie

hi everybody.
i used to work for a company which had a private pension scheme then they went public so the pension was frozen it stands at £4620.25 i am now over 50 so what can i do with it can i cash it

MikeJones_2

Hi gambie,

If it was a defined benefit scheme (such as a final salary type scheme), your benefits will be 'preserved' rather than frozen (unless you ceased to be an active member of the scheme a long time ago).

If the pension arrangement was a money purchase type scheme then there will be a 'fund' attributed to your name.

Either way you should obtain more information about your pension benefit - how it works and what it provides (such as your Normal Retirement Date, estimated pension, spouse and dependants benefits, lump sum, early payment etc.).

In either type of scheme you should have the option to leave it where it is, or consider a transfer to another registered pension scheme.

In terms of cashing it in, see this recent thread which posed a similar question.

It goes without saying that you should seek advice about your options from an IFA as your situation and circumstances will be personal to you.

Hope that helps.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.