Early private pension release for HM Forces

Jim720

I set up a private pension many years ago whilst employed in the private sector. I decided to join the military and take advantage of the non contributory pension. Am I able to close and claim my personal pension which I have not paid into for about 15 years?

TadleyBaggie

Only if you are 55 or older I suspect.

atush

if you have only just joined your new employment, they might take a transfer.

If not, make sure it is the lowest cost pension you can find, and consider paying more into it over time.

jamesd

Assuming your health is broadly good you can only take anything out of the old pension if you're 55 or older unless it was one for certain specific groups like athletes.

What you can probably do is transfer it to another provider if that seems desirable based on the range of investments that you use and the costs of having those investments.

Before such a transfer you should check that it has no benefits like a guaranteed annuity rate attached. Such benefits and the value of them will affect what it takes to transfer, in some cases independent financial advice is required.