When can I cash in my pensions?

cheghead

I have 3 pension pots which I do not pay anything in to (think they are called paid-up?)
One is a private personal pension with currently about £8k.
Other 2 were taken out with previous employers. 1 is £1900 and other about £2-3k.
Could someone please advise when can I get the money out and how much of it can I get?
I will be 55 next year!:money:

xylophone

http://www.hmrc.gov.uk/pensionschemes/take-pension.htm

xylophone

Another thought, are you on benefits? https://forums.moneysavingexpert.com/discussion/comment/64246299#Comment_64246299

Have you checked out the effect on any benefits of drawing your pension (s)?

atush

cheghead wrote: »

I have 3 pension pots which I do not pay anything in to (think they are called paid-up?)
One is a private personal pension with currently about £8k.
Other 2 were taken out with previous employers. 1 is £1900 and other about £2-3k.
Could someone please advise when can I get the money out and how much of it can I get?
I will be 55 next year!:money:

Are you happy to be 54 with only around 12K saved for retirement? Why would you want to get it pout as cash and spend it?

I'd be saving more and working longer.

McKneff

And you are going to try to live on state pension.... good luck with that.


You would only be able to access 25% of it when you hit 55


Its a pension that is for your retirement, not a savings account that you can dip in and out of.

cheghead

Didn't ask for advice about whether I should remove the cash or not. Read the title before posting or don't bother!

Daniel54

cheghead wrote: »

Didn't ask for advice about whether I should remove the cash or not. Read the title before posting or don't bother!

If you are impolite then posters will take your advice and not bother

dunstonh

cheghead wrote: »

Didn't ask for advice about whether I should remove the cash or not. Read the title before posting or don't bother!

You're a charmer.

The good news is that you cannot cash in a pension. So, the answer is you cant.

Browntoa

Please keep you posts polite otherwise I'll have to lock your thread and ask the forum team to take a look

Thank you

McKneff

Could someone please advise when can I get the money out and how much of it can I get?


This is what you asked.



You would only be able to access 25% of it when you hit 55


<This is what I answered.
<li
You would only be able to access 25% of it when you hit 55

Didn't ask for advice about whether I should remove the cash or not. Read the title before posting or don't bother!


I answered exactly what you asked, You should read your own posts before hitting the enter button.

McKneff

Could someone please advise when can I get the money out and how much of it can I get?


This is what you asked.


This is what I told you in