Several small pension pots

ballybingo

I am coming up to my 64th birthday and have been receiving a final salary pension of just under £6,000 PA for the past 12 years. I also have 3 small pension pots from previous employers that add up to just short of £10,000. I now only work on a casual basis and use savings to make up any shortfall and do not receive any state benefits.
My questions are really to establish whether or not I can do anything with the 3 pots now or do I have to wait until I am 65. Also can the pots be taken in cash (minus any tax due) as the annual income will be very small, in fact the projected income from one of them means that I have to be over 90 to get my money back.

Any help will be gratefully received.

molerat

Your £6k pension takes you over the triviality limit for cashing the pensions but you may be able to take any that have under £2k value as cash, some now and some after April this year depending on whether they are occupational pensions or personal pensions. http://www.scottishwidows.co.uk/Extranet/Literature/Doc/FP0285

ballybingo

Thanks for your reply. The link has helped also. The 3 pensions I have are 2 occupational valued at approx. £320 and £850 plus a stakeholder valued at about £8700 which has not been added to for a number of years. The provider has assumed a growth to £9500 by my65th birthday with an annual pension £350 PA. This will mean that I have to live to 92 in order to get my money back.

McKneff

Have you taken into account when calculating how long you have to live that yu can have 25% lump sums from your small pensions.

I hope you live a long and happy life.