Frozen / locked piddly little pensions

gtstu

Over my working life I have contributed to various working place pensions ....I have four I have paperwork for and the collective transfer value is around £8000 ....do I have to wait till I'm 67 to get my £1.50 a month or I am able to cash them in when I turn 55 ? I know I will pay tax on any payment buy I might as well try and get a holiday out of them before I meet my maker

atush

it depends, are they all money purchase or are any DB pensions?

You have, for some ears now, not been tied to annuities and coud gain access age 55. So dont know what your age 67 bugbear is about.

Your biggest problem isn't getting out your 8K (of which only 6K might be taxed) but more that 8k isn't enough to retire on.

So, concentrate less on when you can get your hands on it, and contribute more now.

dunstonh

do I have to wait till I'm 67 to get my £1.50 a month

No. Trivial options apply from age 60. Although the rules next year will make them available from 55.

I know I will pay tax on any payment buy I might as well try and get a holiday out of them before I meet my maker

Or add to them to ensure you are not short in retirement.

suse*

Once you know if any are db or have any other conditions attached you could always look at transfering them to a different pension, so you have more control over the money which funds and fee's it has and you can contribute more as well.

If you're still working it is worth doing as you're just throwing money away in tax you could get back later. Remember a £100 a month doesn't make your take home reduce by that much due to the tax contributions. Your employer might also do matching contributions which would be more free money you might really wish you had later.

atush

Basically, every 100 in your pot from your own contributions, only costs you 80 if you are on BRT. If your employer pays in as well, so much the better.