Small Flexible Pension Plan with Aegon

ferry

Hi all, I have a small pension pot ( Flexible Pension Plan ) of nearly£40k / total contributions of around 18k with Aegon. I have not made any personal contributions for some time. 
I am now 50 and understand it it not a flexible plan where I am able to withdraw any funds until I see 55, but can I ask how this plan works and how it will benefit me at 55. Will I be able to gain access to the full 40k ( fees deducted) at 55 or will I only be able to take a portion then the rest in yearly instalments etc..?
No secret here, clearly no expert and I will need expert help a bit nearer the time and understand you cannot give independent advice on here but just looking for very basic advice on how my pension pot works for me.
Thank you 

NottinghamKnight

You should be able to access at 55, 25% would be tax free and the rest would be subject to tax as if it were normal income, so withdrawing all at once could mean you pay a lot of tax, better to split over more than on year and delay taking ideally if this is your only pension provision.

dunstonh

There were three versions of the Aegon Scot Eq flexible pension plan.  Despite its name, its not that flexible by modern standards.  From memory, it does not support drawdown.

Albermarle

There are two issues . What is allowed in terms of pension legislation and what the pension you have is capable of dealing with .
Older pensions can often not accomodate everything , partly due to IT issues.

xylophone

https://extranet.secure.aegon.co.uk/static/sxhub/pdf/IND_250028_04_07.pdf
Above is the literature from 2007 - you do not say when you started the pension.

However, the minimum age at which you can start taking a pension will change on 6 April 2010 to 55. You may be able to take your pension earlier than this (other than any pension bought with contracted-out contributions) if you’re

in ill health.

When you retire you’ll have a number of options. You can:
I convert all your plan value into a pension

(which will be taxable)
I take up to 25%* of the plan value as a tax-free lump

sum, and take a smaller pension
I transfer your fund to a more flexible retirement plan

and take income withdrawals within the limit set

down by the Government
I take up to 25% of the plan as a tax-free lump

sum and transfer a smaller fund into a flexible retirement plan 

ferry

Thank you all