Early private pension release for HM Forces

edited 30 November -1 at 1:00AM in Pensions, Annuities & Retirement Planning
3 replies 814 views
Jim720Jim720 Forumite
1 Post
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?

Replies

  • TadleyBaggieTadleyBaggie Forumite
    4.4K Posts
    Tenth Anniversary 1,000 Posts Name Dropper
    ✭✭✭✭
    Only if you are 55 or older I suspect.
  • atushatush Forumite
    18.6K Posts
    Tenth Anniversary 10,000 Posts
    ✭✭✭✭✭
    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.
  • jamesdjamesd Forumite
    24.8K Posts
    Part of the Furniture 10,000 Posts Name Dropper
    ✭✭✭✭✭
    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.
This discussion has been closed.
Latest MSE News and Guides

A guide to council tax bands

Lower your band & save £1,000s

MSE Guides

Cinema MoneySaving tips & tricks

Including year's 2for1 movies for £1

MSE Deals