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Redundant at 48 - when can I take pension

edited 30 November -1 at 1:00AM in Auto-enrolment
3 replies 3.4K views
Bella_SmytheBella_Smythe Forumite
242 posts
edited 30 November -1 at 1:00AM in Auto-enrolment
Hiya. Ive actually got two hypothetical complicated scenarios, so I will do a new thread for the other one to keep things from being even more muddled.
Right. say SWIM has worked for a local authority in Leisure Services since early 20s. Five years ago a different local authority took over the management of this one, and a year later aged 48, he was made redundant, got normal redundancy package which is now spent. Looking at being able to take pension at 55 (which is in two years time) it seems to say this can only do this with his former employers permission, and that this would be at a cost to them. He doesnt think they will agree to this because why should they if there is a cost to them. Yet I have also heard that anyone can take part or all of their pension savings at age 55 anyway? Please help

Replies

  • BobQBobQ Forumite
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    You have posted this on the Autoenrol sub -thread, not the main pensions thread.

    Taking a pension early should not be done lightly. Say his pension was £16K per year and it is preserved for payment at 60. If he draws it at 55 he will probably only get £12K for taking it early.

    The employer does have a say under scheme rules but you will not know unless he asks the question.

    Try posting on the main pensions forum
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • atushatush Forumite
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    i agree, yo need to repost this thread on the main pensions forum.

    As it does not belong here, so you wont get the most answers
  • dunstonhdunstonh Forumite
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    hardly anyone looks in this forum. No wonder it was missed.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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