3 small pensions

kathcoalbag

I have three small pensions ready to cash in, only problem is what to do. They amount to about eleven thousand do I cash them all or just the big one which is about eight thousand .
The pension company keeps hound me with letters and forms to fill in and one of my companys have changed names so many times I can,t keep up with it

atush

How old are you? Are you retiring now? Are you still working? why do you want to cash them in? Are these 3 pensions your only pensions? What will you do with the money?

Are any of them DB pensions or DC ones with valuable guarantees?

kathcoalbag

Oldest one about 9 years and other two about 6 I think. I am 60 and working part time no other pensions. I was just going to put it in my Isa for now. Thank you

jem16

kathcoalbag wrote: »

Oldest one about 9 years and other two about 6 I think. I am 60 and working part time no other pensions. I was just going to put it in my Isa for now. Thank you

That seems daft.

Why pay tax on it now if you don't actually need it? Leave it where it is till you actually need the income.

atush

The years mean nothing if they arent DB pensions, The amount in them, your salary now, and how much tax you will pay do. It was your age, not theirs that I asked lol.

So, again, why cash them in now? what do you need the money for?

You'll pay less tax once you are actually retired and not working esp if you retire before SPA.

You could take the TFLS on any DC pots and ISA it if you like now, but i'd not take an income if you are still working and dont need it.

Why pay more tax than you need to?

kathcoalbag

Thanks for all replys I think I will keep them a while longer then .

atush

And maybe think about contributing more now while you can. That isn't much of a retirement pot?

If you can't contribute to those, does your current employer have a pension? If you haven't joined, why not? Join it? Otherwise open a PP.