Can ANYONE aged 55+ cash in Pension?

Linton

GeneHunt59 wrote: »

I'm not sure of the exact name, but it was a company pension (not final salary), I imagine defined contribution? I paid a percentage of my salary into the scheme and my employer paid double that amount. The scheme is now administered by an external pension provider & the scheme currently has a retirement age of 62, when an annuity can be bought with the pension, i.e, I won't get a pension from my fomer company, but will have to buy my own annuity from the pot. I just checked and the scheme is known as 'Money Purchase Scheme 2003'. I hope this helps.

If it is a straight DC pension then the retirement age is probably advisory only (although it may also be used to control "lifestyling", the steady de-risking of investments in the years leading up to retirement). So if you wanted to retire earlier there should be no problem. You just get the value of the pot at that time.

atush

So once you find your options from your current company then sit down and have a think.

If you don't need the income or tax free lump sum, then don't take it as any income will be taxed at your highest rate and any money may keep you from receiving any means tested benefits.

xylophone

If you don't need the income or tax free lump sum, then don't take it was my income will be taxed at your highest rate and any money may keep you from receiving any means tested benefits.

Might be to your advantage :rotfl:

atush

"as any"

aren't you cute