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Two pensions with same company
wheelie_bird
Posts: 1 Newbie
I worked for BT, I started when it was the Post Office, left to have children then went back when it had left the Civil Service.
I started a new pension plan, on my return, so now I have two with them.
I am now 57, and am wondering if I could just take one of them now, (the smaller of the two) as I am really interested in the lump sum part rather than the monthly payment just now.
Or would I be better to take some money out of the pension by one of these schemes. I am not really familiar with how these things work.
I no longer work as I am disabled, I left their employment in 2004.
Thank you.
I started a new pension plan, on my return, so now I have two with them.
I am now 57, and am wondering if I could just take one of them now, (the smaller of the two) as I am really interested in the lump sum part rather than the monthly payment just now.
Or would I be better to take some money out of the pension by one of these schemes. I am not really familiar with how these things work.
I no longer work as I am disabled, I left their employment in 2004.
Thank you.
0
Comments
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You would need to check with the administrators or scheme booklet. Some employer schemes that have been revised with new versions do allow the newer version to be incorporated into the older one for payment of the tax free cash. This can be highly beneficial and if you did what you propose you would lose that option (if it were available to you)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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http://www.btpensions.net/17/186/deferred-pension-more-details
Contact the Trustees to discuss your options?
Are you on means tested benefits? Will these be affected?0
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