dradown time frame

Legacy_user

My OH is 55 in September and has a small frozen pension [also has a decent workplace one] .If he wants to get access to the frozen one what's the time frame approx he will be looking at ?

dunstonh

as a small frozen pension

Frozen has a specific meaning and only covers a specific type of pension. Is this pension actually frozen?

If he wants to get access to the frozen one what's the time frame approx he will be looking at ?

6-12 months if it is truly a frozen scheme as it may actually require a transfer.

Linton

What sort of pension is it - defined benefit (final salary or similar) or defined contribution where there the money is held in investments?

If it's DC then he should be able to get access to it, one way or another, as soon as he is 55. He needs to find out whether his current provider will allow him to cash it all in or whether he needs to transfer it somewhere else. One factor may be relevent is that drawdown beyond the initial 25% is taxed as income. So if he can wait until he has no other income the tax savings may be worthwhile.

Why does he want access to it? It may be better leaving it where it is. He should check whether there are any guarantees associated with it.

If it's DB it would probably be more complicated or not worthwhile because of fees.

System

I believe its DC
I used the term frozen as nothing has been added to it in about 10 yrs.
The pension company have said it can be done obviously there are fees involved.