1 Year Pension Pot - Can i take the cash?

rgwhunter

I have just started a new job with a DC scheme in place. Before this I worked for 13 years in the same place - 12 years with a final salary pension and 1 year with a DC scheme.


The value of my DC scheme is £7900, can I take this out as cash? If not I will transfer it to my new DC scheme.


Any advice would be appreciated!

kidmugsy

How old you?

jem16

rgwhunter wrote: »

The value of my DC scheme is £7900, can I take this out as cash?

Only if you are age 55 or older.

If not I will transfer it to my new DC scheme.

That would seem the most sensible option rather than cashing it in. However you could leave it where it is - which would be better, the old or new scheme?

rgwhunter

I am 31, how do I know which dc scheme is better? How do I compare? What am I looking for?

Thank you for the replies so far

jem16

rgwhunter wrote: »

I am 31, how do I know which dc scheme is better? How do I compare? What am I looking for?

Thank you for the replies so far

Main thing to look for would be charges on each scheme and any guarantees attached. You might also want to look at what funds you can use with each scheme to decide if one has better options than the other. Another scheme altogether might be an option.

You would also need to check that your DC pension can stay where it is if you want it to and also whether or not your new scheme accepts transfers in.

atush

So the answer is no, you can't cash it in.

You either leave it, or transfer it to your new pension after you look at the questions in post 5.