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Pension pot of £562 . . what are the options?
The_Salad
Posts: 118 Forumite
Yes, I said £562. I was in a pension scheme for one of the first companies I worked for (many years ago now) and have traced it using the government pension tracing website and it has in it a whacking great big sum of £562.
Are there options? Can I cash it in? It hardly seems administering it, might provide an annuity of 50pence per year??
Many thanks.
Are there options? Can I cash it in? It hardly seems administering it, might provide an annuity of 50pence per year??
Many thanks.
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Comments
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Transfer it to one of your other pensions?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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How old are you, at age 60 you can take it all (less some tax) under stranded pots rules.0
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Yes, I said £562. I was in a pension scheme for one of the first companies I worked for (many years ago now) and have traced it using the government pension tracing website and it has in it a whacking great big sum of £562.
Are there options? Can I cash it in? It hardly seems administering it, might provide an annuity of 50pence per year??
Many thanks.
Are you sure this is the fund value and not the annual pension? Or have you had a transfer quote/
If it's the annual pension from a defined benefit scheme, then it is probably worth keeping.0 -
bigbloke45 wrote: »Are you sure this is the fund value and not the annual pension? Or have you had a transfer quote/
If it's the annual pension from a defined benefit scheme, then it is probably worth keeping.
Thanks . . . I will check to be sure.0
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