What to do with money in a closed FS pension

pompeii

xylophone wrote: »

Read the link - do you want to take it as a small pot?

Can you take it as a small pot from the scheme?

If not, and you want to access it as you wish, transfer out?

See the Pension Wise link link within the link.


http://www.hl.co.uk/pensions/retirement-options

Hi I have had read this and will look further into it.
Because the value of my other pensions combined was more than £30.000 I can't take this one as a small pot now.
I was wondering because of the type of pension if i should do something with it now or if i could take the money as a down payment on my Lamborghini In April.

xylophone

See http://www.pruadviser.co.uk/content/knowledge/technical-centre/small_pots_and_triviality/

for current situation.

Check with the scheme provider.


New rules in Hargreaves link.

xylophone

And see https://www.moneyadviceservice.org.uk/en/articles/your-pension-lump-sum-options

If you’re aged 60 or over and your total pension savings – excluding State Pension entitlement – amount to £30,000 or less, you can now take the entire amount as a cash lump sum. This is called ‘trivial commutation’.

Alternatively, if you have small pension pots of £10,000 or less you can take up to three of these as a cash lump sum. You can do this even if your total pension savings exceed £30,000.

pompeii

Thank you all for your contributions it has helped me to focus. I have contacted my pension provider they are sending me the options available from them and I will see if drawdown or taking the pot is feasible or wise.