Private Pension that I want to cash

Harvey14

I have a private pension that I took out a few years ago when I was self employed, I have not contributed to this for years...I have had a review from this plan to tell me I have a pot just under £6k...I want to close this as the annual pension is estimated at £182 a year , when I retire in 9yrs time. I am now 56 can I take all the money out? I have another Pension a Teacher's pension, which I have had for a fair few years, so I believe this one to be not worth keeping. Anyone know what I can or are entitled to do? I did want to move it over to my Teachers pension, but as I have already moved one over this has been declined by the Private Pension provider, who are Zurich Assurance LTD

saucer

As far as I understand it you can withdraw your pension entirely from 55, with 25% tax free, the rest subject to your normal income tax. Other people might advise on any implication on how much you can invest into your teachers pension in the future, if this is likely to be relevant.

Nitram29

I'm no expert on this buddy but I think it will come down to what the private pension is, you say your 56 so in theory you should be able to draw it but bear in mind then it gets added to your earnings for the year so normal tax depending on your other income would apply.

The devil is in the details of the policy, read that or post some of the details back here and I'm sure one of the pensions boffins will help you out.

182 quid a year..don't spend it all in the one shop as they say...

xylophone

I did want to move it over to my Teachers pension, but as I have already moved one over this has been declined by the Private Pension provider, who are Zurich Assurance LTD

I don't quite understand this - do you mean that TPS will not accept the transfer?

Silvertabby

“ I did want to move it over to my Teachers pension, but as I have already moved one over this has been declined by the Private Pension provider, who are Zurich Assurance LTD
”

I don't quite understand this - do you mean that TPS will not accept the transfer? Posted by xylophone

Transfers into TPS have to be within the first 12 months of membership. OP is well beyond that now.

xylophone

Transfers into TPS have to be within the first 12 months of membership. OP is well beyond that now.

Yes, it was the OP's saying that there was a "refusal by the private provider (Zurich) to allow the transfer out" that I found odd, rather than saying that " TPS refused to accept a transfer in".