Surprised and Possibly Delighted.

Silvertabby

I have cashed a couple of Pensions its true.The Govt caters for people with no Occupational Pensions with Pension Credit....crazy situation I know.

When I know whats in the other schemes ill be able to judge whether I till cash them ??Loads of people doing it??

Be careful - if you carry on working until State pension age (66?) then you may get the new single tier pension of £159 per week. That's pitched at just over the pension credit/means test limit, so that will be your lot. No pension credit etc etc.

atush

Exactly.

Plus taking your pensions in cash, while you are still working, means wasting loads of it on tax that you didnt need to do it you waited until you are no longer working?

Could be a big mistake

Mustbeananswer??

I have previously had to take Pensions to keep myself afloat....I'm not in that position anymore...So I will consider when I know how much they are worth.
The Pensions would be with Blue Chip Companies like The Post Office and Empire Stores where im pretty sure I would have opted in.I was just delighted to receive the communication from Prudential to spur me into action...Big Thanks to Xylophone for the link...its been very useful.

atush

I have previously had to take Pensions to keep myself afloat.

This is a sign of someone who cant afford to retire, as they dont have enough income now, and have spent their retirement income already.

Tread carefully.

Have you done a State pension statement/forecast?

Mustbeananswer??

Yep....got mi Forecast Thanks....am challenging it...work hard/play hard.

bowlhead99

Mustbeananswer?? wrote: »

Yep....got mi Forecast Thanks....am challenging it...work hard/play hard.

Might just have to work hard, if you've cashed your private pensions and don't have as much state pension as you want

Mustbeananswer??

Fit as a fiddle....alert as a fox.Nearly 60 two jobs and play football twice a week (with kids young enough to be my Grandsons)...If I have to work beyond 66 I will....but its not looking likely.

atush

Ok, so you've taken a big tax hit to get out of debt.

I would, leave your recently found pension as it is, and take it in some fashion after you stop work.

In t he meantime, build cash savings, if working start a new DC pension, or at least use your S&S isa allowance (but i'd go pension for the immediate uplift as every 80 you put in will become 100).

What work do you do? Does your employer offer a pension?

jamesd

p00hsticks wrote: »

... providing they have, or can locate, your current address of course

If they don't have a current address they will normally send a letter to DWP who will pass it on to the most recent address they have.

Mustbeananswer??

Quick Update.

Using the tool kindly provided merely helps you track the address where the Pensions may be registered.....not a value.

In itself it is very useful but more leg work is required....ie writing to the Pension funds...