Too old to start new pension ?

tommytynan123

Having written my last question on this topic I just have 2 more if anyone can help.

Salary sacrifice pension to which I am paying £40 per month and employers match. Aged 58 with pension income now of over £20K from 2 work based pensions.
Q1. Being over 55 I understand I can retire at anytime and draw the pension immediately on flexible drawdown. (not that I plan to but just checking every possibility) Same if I was, for eg, to be made redundant.
Q2. Is there anyway I can get the money out whilst remaining in employment with this company if I had, for eg, a financial emergency.
Thanks

bigadaj

tommytynan123 wrote: »

Having written my last question on this topic I just have 2 more if anyone can help.

Salary sacrifice pension to which I am paying £40 per month and employers match. Aged 58 with pension income now of over £20K from 2 work based pensions.
Q1. Being over 55 I understand I can retire at anytime and draw the pension immediately on flexible drawdown. (not that I plan to but just checking every possibility) Same if I was, for eg, to be made redundant.
Q2. Is there anyway I can get the money out whilst remaining in employment with this company if I had, for eg, a financial emergency.
Thanks

That's going to be primarily down to the scheme rules, so either ask your employer or try and get the general information and review yourself. First option would be quicker but might potentially project thoughts that you want to do what you've suggested rather than just see if it's possible.

Given the level of your pension is question two actually going to occur, I woudknt have thought so and even if it did then this pension would be small change comparatively.

kidmugsy

tommytynan123 wrote: »

Is there anyway I can get the money out whilst remaining in employment with this company if I had, for eg, a financial emergency.

Don't: it's too good a deal to muck up. Borrowing is cheap at the moment and would be a better way to manage your affairs.

atush

Q2. Is there anyway I can get the money out whilst remaining in employment with this company if I had, for eg, a financial emergency.
Thanks

Not sure i understand this bit really, you have 2 pensions and are earning over 20K already, didn't you get tax free lump sums for an energency pot already?

If not, can't you save an emergency pot from income (both pension and earned)? Have you MSE'd all your outgings to see where you could save?

It is hard to learn how to save, if you haven't by now not sure you will learn? Always worth trying though.

tommytynan123

Thanks guys.
I'm just getting all loose ends sorted. I'm planning to work on to 66 (State pension age) and only then consider 2nd (or 3rd) retirement. I'm treating this pension as a savings type fund.

I did get some lumps but paid off everyone I owed money to and then helped the kids and grand-kids a bit. Still have some left lol I'm also saving a bit each month.
Thanks all again

atush

Yes, helping kids is a great idea, but an emergency fund first. So keep saving and building that up. Once you have 5K plus you could look at S&Sisas (as over the longer term of yur retirement equities will do better tha cash) and perhaps putting more into that pension.

at 6K min, you would get another 1.5K as a lump sum, but you will get growth in your fund. so to get more of a TFLS, you could look at putting a bit more in if you like.

The most important thing is to not take on any more debt.