Taking my pension early

rreid628

Hi guys,

I've recently left full time employment with a telecommunications company where I had been paying a higher rate of pension through their scheme.

I've now left and I'm a director of my own company.

My question is, what happens to my pension now. Can I pass it off to another private one or can I release any of the funds in it for personal use or do I simply wait until when my retirement age would have been with my previous employer? (I'm 26 and would have had to wait about 30 years or so)

Thanks in advance

xylophone

Is the old pension a defined benefit scheme?

How long were you in the scheme?

dunstonh

My question is, what happens to my pension now. Can I pass it off to another private one or can I release any of the funds in it for personal use or do I simply wait until when my retirement age would have been with my previous employer? (

its a pension. So, its not available for you to use now.

You can either leave it where it is or transfer it.

I'm 26 and would have had to wait about 30 years or so)

which is the point of a pension. You wont be 26 forever and it will be no time before you get to retirement.

worried_jim

You can't have the money unless you are dying.

You can leave it where it is and let compound interest work its magic, or you could look to transfer it to another provider depending on the scheme rules- you'll need to contact them to find out.

rreid628

Honestly I'm not sure but it was BTs standard pension but there was options to pay different amount and BT would adjust their percentage to yours.

xylophone

You were a member of the BTRSS ( a Defined Contribution Scheme)?

http://www.cwu.org/wp-content/uploads/2017/11/ATTACHMENT-4-LTB-617.2017-BT-Pension-Review-BT-Documentation.pdf


As a director of your own limited company presumably you are making arrangements concerning a pension?

https://www.taxcafe.co.uk/pensionmagic.html

https://www.pensionbee.com/pensions-explained/pension-contributions/contributing-to-your-pension-from-your-limited-company?ast=GTjPl7

You could explore transferring your BT DC pension to your new pension.