Pension advice

berbatov10

I have an old Royal London pension which has about £14500 in it which I have never topped up. I also have an occupational pension which is a final salary scheme and earn about £45000. Should I seek to top up the Royal London pension, move it, cash it in? I am lucky in that I can afford to top up the Royal London if I go down that route. I would like help please

atush

you can't cash it in, and can't commence it unles you are over 55.

You can possibly move it to your FS pension is scheme rules allow it.

One reason to leave it (and possibly add to it) as PPs can be taken at age 55 or older. and if you want to retire before your FS pension pays out (w/o taking it early so reduced) your could use savings plus the RL pension to tide you over.

You need to look at this pensions performance and charges. It could be moving it to a new style PP will be cheaper/better but we can't say on the info given.

bilbo51

There might be guarantees (eg a larger annuity rate than current market rates) attached to the RL plan too. You need to know about these before making any decision to move it elsewhere or bring it into payment early...