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Pension drawdown at 55

edited 30 November -1 at 1:00AM in Auto-enrolment
4 replies 2K views
KevG1967KevG1967 Forumite
2 posts
edited 30 November -1 at 1:00AM in Auto-enrolment
Hi,

I am 55 in just under 3 years and I am looking to possibly draw some money out on 2 of my 3 pensions. I have 2 older ones that I no longer pay into.
My questions are -
Can I withdraw from the 1 old private and 1 old work pension at 55?
If so, do I need to combine to 2 before I can withdraw any money from them?

Thanks in advance,
Kev

Replies

  • AnotherJoeAnotherJoe Forumite
    16.9K posts
    10,000 Posts Fourth Anniversary Name Dropper Photogenic
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    You can withdraw from them individually subject to any rules they may have (some older pensions may not allow withdrawals in which case you'd have to transfer to one that did)
    There are tax rules which limit what you can withdraw without paying tax and also how much you can continue to contribute to a pension afterwards.
    Please dont criticise my spelling. It's excellent. Its my typing that's bad.
  • tacpot12tacpot12 Forumite
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    You might save a small amount on withdrawal charges if you combine the pensions together, but I doubt you will save enough to make it worthwhile.
    The comments I post are my personal opinion. While I try to check everything is correct before posting, I can and do make mistakes, so always check official information sources before relying on my posts.
  • Dazed_and_confusedDazed_and_confused Forumite
    6.5K posts
    Uniform Washer
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    1 old work pension

    First thing would be to check if this is defined benefit (usually final salary) or defined contribution.

    If it's defined benefit there may not be a fund or pot to take money out of in the way you describe.
  • Thanks for the replies everyone, I'll start looking into them.
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