tiny pensions

annemar63

looking for help, I have two very tiny pensions:( (£26 and £46), which I started receiving last April. Moving back home to retire and would really appreciate extra funding. Is there any way I can get these two pensions - money wise?

atush

they dont sound like pensions. They sound like you spent your pension pot on annuities, or commenced an old DB pension?

How old are you, and when does your state pension kick in? Are those sums per month?

annemar63

I am aged 63 and yes I have my state pension, although still working but hoping to retire officially this year. These two little pensions are from previous jobs years ago, which I had forgotton about and are paid monthly.

atush

So somehow you have commenced these pensions by buying annuities or taking a DB pension income. that cannot now be changed.

In your case you have 2 options. If you are still working, stop taking your State pension and defer it. It will grow by 10.4% per year by doing so. Or put as much into a pension now as you can. Every 80 you put will become 100 with tax relief. Then after you have retired and have less income, youc an take the pension 25% tax free and the rest at basic rate (if your income is at the PA level or above) or no tax if you are under the PA.

annemar63

ta for help, will re think.

kidmugsy

annemar63 wrote: »

ta for help, will re think.

This might help.
https://www.gov.uk/deferring-state-pension/what-you-may-get