Haven't a clue what to do.

jeff_chandler

I have five pension policies with Scottish Widows. To date, the total value of them is just short of one hundred and fifty thousand pounds. One of the policies was a miss-sold refund of thirty thousand pounds.
I'm 65 and officially retire in December 2021. My wife officially retired last November. I currently claim ESA and in the support Group. I also have quite an amount of savings which is in a Personal investment plan. 
I know we won't go short but, what would be the best option to do with the pension pots. 
Kind regards Jeff. 

Albermarle

Has Scottish Widows contacted you ( perhaps when your were 64) as to what options were available for taking the pensions .
Do you know if they are all standard Defined Contribution schemes ? Or do any come with any guarantees?
If you are not sure what a Defined Contribution pension is then read this link 
Workplace Pension Schemes - The Pensions Advisory Service

p00hsticks

jeff_chandler said:

I'm 65 and officially retire in December 2021. My wife officially retired last November. I currently claim ESA and in the support Group.

It may be worth asking over on the Benefits board about what benefits (if any) you may be entitled to after you reach State Pension Age. Any means testing will, I think, assume that once you have reached State Pension Age you will start to take any private pensions you have, although I'm not sure that the DWP regs have really caught up with how flexibly pensions can be accessed now, so I don;t know exactly how they evaluate this.

I may be wrong but I think your ESA payment may stop - is it contributions or income based ? (the fact that you say 'I claim it' rather than 'we claim it' suggests the former ?)

jeff_chandler

I fully understand that my ESA will stop. 
I did receive a letter from Scottish Widows telling me when I retire but nothing was mentioned as to what I can access of my pots. I shall dig out the letter and read again. 

[Deleted User]

Two years ago I started thinking about my pensions and this small book was a great introduction on how the process works

https://www.amazon.co.uk/DIY-Pensions-Simple-Retirement-Planning-ebook/dp/B00B7QN8XM

xylophone

I did receive a letter from Scottish Widows telling me when I retire but nothing was mentioned as to what I can access of my pots. I shall dig out the letter and read again. 

What exactly does this letter say?

I have five pension policies with Scottish Widows. To date, the total value of them is just short of one hundred and fifty thousand pounds. One of the policies was a miss-sold refund of thirty thousand pounds.

Did you transfer out of an occupational Defined Benefit Pension?

Is one of your policies a S32?

When do you reach State Pension Age - Dec 2021?

Have you obtained a State Pension Forecast?

https://www.gov.uk/check-state-pension