Drawdown

thegalfridref

I am 62 years old and would like to drawdown from my pension but still work till I am 66 as I can't afford to retire until I get my state pension. I am thinking of doing three days a week and topping up my income from drawdown. The top up would be around £8000. I currently have a pot of around £150000 combining all my pensions. How do I go about this and at what cost to me in the future.

Dazed_and_C0nfused

You current pension provider may be able to facilitate it.

The cost will be that you are taking over 5% so you are likely to gradually eat into your pot leaving a reduced amount to fund the rest of your retirement.  And that's assuming you mean £8,000 gross before any tax due is deducted, not £8,000 net of tax.

Albermarle

With a reasonably modern pension, you can just stop paying into it and start withdrawing from the same pension. Usually ( but not always) with no extra charges. You just need to inform them of your intentions and they will probably ask you some questions to make sure you understand what you are doing.
Having multiple pensions will complicate the situation and it would probably better to consolidate them into one before starting the withdrawal process. If you have some pensions set up many years ago you may have to transfer them anyway.

Taking your pension | Help with taking your pension | MoneyHelper

This is a helpful website and it is recommended that you book the appointment to speak to PensionWise.

The websites of your current pension providers can also be informative.

An alternative would be to go to an Independent Financial Advisor to do everything for you ( at a cost )