Move pension to other provider and withdraw

wiltshireonline2016

I am 55 in a few months

I have 2 pensions (not huge) from 2 banks I worked for

1st Bank is allowing me to withdraw all at 55 and of course pay tax on the part which becomes taxable as per the rules

2nd Bank does not all me to withdraw it but I can transfer my pension to another provider.

Question
Does anyone know which provider will allow me to transfer and then withdraw the pension in full?

zagfles

Depends what kind of pension it is, and its value.

wiltshireonline2016

Deffered i believe and around 15k

LHW99

What type means is it defined benefit (final salary) or defined contribution?

There are a lot of restrictions in how you can access the first, generally fewer restrictions for the second

xylophone

You have two deferred Defined Benefits pensions and wish to access one of them on a triviality basis?


Be careful - see http://www.litrg.org.uk/tax-guides/pensioners-and-tax/how-do-i-cash-my-small-pension-trivial-commutation

What are the three rules of trivial commutation?
There are three rules that must be taken into account to see if trivial commutation applies:

the commutation must be made at any time on or after your 55th (60th before 6 April 2015) birthday;
the total capital value of the pension that you wish to cash in, plus all of the other pensions to which you are entitled, must be within the definition of ‘trivial’, which is currently not more than £30,000. See ‘can you explain the £30,000 limit?’ for how this is worked out;

If you wish to transfer A DB pension to a DC arrangement, you may need to take ( and pay for) advice from a Pension Transfer Specialist.

http://adviser.royallondon.com/pensions/technical-central/information-guidance/transfers/safeguarded-benefits/

jamesd

We really need to know whether the pensions are defined benefit types like final or average salary or whether they are defined contributions ones that hold investments directly in your name in a dedicated personal pension pot just for you.

dunstonh

I have 2 pensions (not huge) from 2 banks I worked for

Right, so these are occupational pensions. Good chance they are defined benefit but until we know that, nothing we say is going to be of any use.