What to do about releasing money from 2 dc pensions

LHW99

Marcon said:

wildz said:

Yes we both have had state pension forecasts, they are ok. We downsized 4 years ago borrowed £61,000 over 11 years fixed for 5 @ 2.29%, when we come off the fixed rate next year if we go on a variable rate, this could be 5% I would have to find another £180 a month on top of the £523 I am already paying. Ideally the option to take 25% out of each pot seems the better option, then take the remaining £20,250 to clear the mortgage, but as I've already said SL will not allow that as it is over £10,000, I suppose he could merge it with the Aviva one? But once you've transferred it how long before you can then access it? 
Then it's what to do with the rest of the Aviva one, reinvest it, or keep taking chunks to put in a higher interest bank account? Or buy an annuity? 
Thanks for all the replies the information has been brilliant. 😃

As soon as the funds have actually been transferred, assuming you transfer to a contract which is flexible enough to allow drawdown.

Remaining questions - Pension Wise can talk you through your options/give you information, which should then enable you to take a better-informed decision (they can't actually advise, any more than anyone on this site can).

Make sure you transfer as cash though. Transferring whatever funds the pensions are invested in has a tendency to be slower (assuming the place you transfer them to offers the same funds). You contact the company you want to transfer to, and fill in their form with the details of what you want to transfer, and the form should offer the choice of transfer in cash or "in specie" - which means in funds. You could keep it all in cash once transferred, or re-invest a part if you will not draw it down for 5 years or so.