Found a forgotten pension!

3bobnote

A lifetime ago I had a pension-backed mortgage which I gave up on after a few years and I forgot all about the pension side of it. I've just discovered it still exists and I've got a pension pot of £50k+ sitting there doing not very much at all.

It started off as a National Mutual Personal Harvester with profits scheme and it's now with Reassure and earning about 1% pa by the look of it. It mentions projected retirement benefits at age 53, although clearly there's not enough in it to fund my retirement. I'm 49.

Do these things come with a bonus when they hit the original retirement date, making it worth hanging on to for 3 years, or should I just transfer it to something that's likely to increase in value for the next 15 years or so.

I'm still tickled that back then I thought I'd be able to retire at 53, the kids put paid to that.

nearlyrich

It might be worth checking if you can still take the benefits at 53 some of my pensions said 50 originally but the age went to 55 some years ago..

Linton

With Profits can come with a terminal bonus. Also there can be valuable guarantees. In one of my pensions no bonuses were paid for many years but the guarantee was well above anything that was likely to be achieved by standard bonuses. There can be a reduction in value for cashing in before maturity. So you need to find out exactly what the Ts & Cs are.

3bobnote

Thanks for the replies, more investigation needed then I think.