Dbs hsbc

It's_Molly

Hi

Could I have some advice please.

I have recently found out that I have a very old Defined Benefit pension wilth Midland Bank, now HSBC.
The form says that my NRA is 60 and I am 62.

Having read posts on here about deferred defined benefit pensions, I have contacted the scheme and have been told that there is no guarateed increase for deferring my pension.

I want to take the tax free lump sum of about 15.6k. I understand that the rest of the pension will be paid to me every month, minus tax.

Is it possible to use that monthly amount to put into another pension?

Thanks

atush

If you have relevant earned income yes you can put it into a pension.

If you have no earned income, you can put 2880 of it into a pension each year which the govt will gross up to 3600.

It's_Molly

Thank you x