Pointless little pension - anything I can do?

Adam_Tuckett

Hi

I have a very small pension plan that I took out and contributed to for about a year, before I had a change of direction and went to University. At that point the pension was made up and payments ceased.

Since leaving University I've worked in the public sector and have contributed to the NHS pension for 16 years so far.

I'd really love to get some money out of this little personal pension. There is currently a total fund value of £3656, and the indicated pension when I hit 60 (in 20 years time) is estimated at between £10 and £17 a month... Maybe enough for a couple of beers by then!

If I could realise even a few hundred pounds out of this, it would be more use now than the price of a couple of pints in 20 years...

Any help gratefully received

Thanks!

Lokolo

Unfortunately not.

Options are from 55 you can take 25% tax free and the rest you can buy an annuity. Or if your public sector pension pays enough, you can use income drawdown and take it all out (after tax)