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Can you help a dumb blonde please! pension question!
Woogass
Posts: 19 Forumite
Sorry I'm not very knowledgeable around pensions so please don't be annoyed with me.
I worked for the old British rail when I was 16 for a couple of years. I then left and done other things. I paid into the pension for the couple of years I was there.
can I get that money out? It seems silly as it won't amount to much when I do retire. I am 40 now.
Any help would be great thanks
I worked for the old British rail when I was 16 for a couple of years. I then left and done other things. I paid into the pension for the couple of years I was there.
can I get that money out? It seems silly as it won't amount to much when I do retire. I am 40 now.
Any help would be great thanks
0
Comments
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can I get that money out?
No. it is a defined benefit scheme and you are not in the retirement age range.It seems silly as it won't amount to much when I do retire
But better than nothing and its not as if it cost you.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.0 -
It will grow each year until you take it at scheme age. So will be worth more then than it is now.0
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It's funny how lots of little bits of pension like this can assist with retirement planning further down the line.
My wife has a couple of small pensions like this which, when combined with a few bigger DC schemes, will allow her to retire long before state retirement age.
Don't underestimate the value of a small pension!0 -
Out of interest, what are the projected benefits? At least you started young!0
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