Pension drawdown at 55

KevG1967

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

AnotherJoe

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.

tacpot12

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.

Dazed_and_confused

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.

KevG1967

Thanks for the replies everyone, I'll start looking into them.