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Pension Advice

sweet16_2
sweet16_2 Posts: 1 Newbie
in Pensions, annuities & retirement planning
I have a pension pot that at the moment is worth about £9000 and would like to cash it in.Is this possible? I am 56 years young.

Comments

  • dunstonh
    dunstonh Posts: 121,276 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    sweet16 wrote: »
    I have a pension pot that at the moment is worth about £9000 and would like to cash it in.Is this possible? I am 56 years young.

    No you cant.

    If it is your only pension (other than state) then you could if the value of ALL your pensions is under £18,000 from age 60. So, you have 4 years to go, assuming no 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.
  • jem16
    jem16 Posts: 19,846 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    sweet16 wrote: »
    I have a pension pot that at the moment is worth about £9000 and would like to cash it in.Is this possible? I am 56 years young.

    You would be able to take 25% tax free as a lump sum and a yearly pension with the rest.

    However if you mean fully take the £9k as cash, then no you can't.
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