Pensions

tisha

When i started with my employer, i missed out on their pension scheme and started a pension so i can buy an annuity, don't know if i have done the right thing been paying into it for nearly 3 years, what do i do when i retire do i :j get the money back as a lump sum, also i had a company pension then i left what has happened to the money i have paid in, not very good on these matters any help would be appreciated

Tish

tisha

don't know why i pressed the jump for joy icon

DavidLaGuardia

I don't know what you mean by "missed out" on the company pension. Was it no longer available tpo new joiners or did you take out a personal pension instead beforeit was closed? This may have repercussions.
To answer your question, your pension will build up asa fund from which you can take 25% as a tax free cash at anywhere between 50 and 75 (55 and 75 from next year). The remainder must be used as an income which means buying an annuity, or if the fund is large enough using income drawdown up until age 75 when an annuity must be bought.
Ask your previous company scheme for a benefits projection.