Help, I'm confused

flecktern

I have had quotes for 3 pension pots, which in total are under 30k. One is quoted at 15k, one at 4k and the other 3k. I thought I could take all 3 out, but have been told that the 15k counts as 2 of the 3, therefore I can't take all 3. Is this correct. I am unemployed and have not got a tax code for this tax year, and am 55 in 3 weeks time.
Why can't I take them all at the one time, when somebody with a lot more can.

xylophone

and am 55 in 3 weeks time.

Your earlier post https://forums.moneysavingexpert.com/discussion/comment/67444760#Comment_67444760

I took 25% last year at age of 55 to pay off mortgage, which meant I had to leave co. pension and get a SIPP which is a capped drawdown. Will I be able if I want to change to a flexible drawdown after April or will I be held in a Capped situation taken out in Dec 2013.

Are these three pots in addition to the SIPP?

Are they held in three different arrangements?

They are all three DC pensions?

flecktern

Sorry thats my enquiry. The 2 smaller ones are with the same company

atush

Surely you aren't confused about your age lol?

In any case, you are unemployed. Are you trying to get work? On benefits? When do you plan to retire? AS if you take this money, it would affect benefits and you might not have enough to live on later?

I would hit the CAB and find out how this money affects any benefits

flecktern

Hi sorry for the confusion, although i am unemployed i am not entitled to any benefits, hence the reason for taking my pension

atush

still not a reason to take the pension if you are capable to work and want to? As it has tax and other implications?

Plus you said you already took a 25% tax free lump sum? And said you were already 55?

I gotta say, your narrative has too little to answer your question as you dont want to give information.

xylophone

You became 55 in 2014 and transferred a pension out of a company scheme into a SIPP?

You took 25% tax free and the SIPP was in capped drawdown?

The SIPP is now flexi access and you are drawing from it?

You have three other small pension pots, two with one provider, the other with another provider?

These are defined contribution pensions?

You are looking to take 25% tax free from each pot and take the balance of the pots as lump sums?