Drawing funds from pension

GinR

Hi and good evening everyone. First time posting so thanks for your patience ☺ I'm 57yr old divorced female. 3 grown up sons. I rent a property with my youngest aspergers son and we manage our small income very well but this involves a lot of juggling. My question is, I have a small pension that I came away from my marriage with of £17k. It rests with Aviva at the moment but my eldest son is struggling very badly and I'm considering using it to help turn him around and also ease my own financial situation. Is this do-able? Is it wise? I have no outstanding debts. Thanks for reading...

xylophone

Have you obtained a new state pension statement to help you plan for the future?

https://yourstatepension.campaign.gov.uk/?utm_source=Mail-Online&utm_medium=Partnership&utm_campaign=GTKY

Are you currently contributing to a pension?

Are you on any means tested benefits?

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/417473/pension-flexibilities-dwp-benefits.pdf

It may well be possible to access your Aviva pension now, but if you want to do it on a drawdown basis, you may need to transfer to another provider.

You would normally be able to access 25% of the pot tax free with the balance taxed as income in the year of receipt.

GinR

Hi Xylophone. No I'm not in a position to contribute to a pension. I am currently receiving ESA following surgery but not for much longer as I will be seeking employment. Thank you for the direct gov link. I will check that out...