Withdraw Pension?

xxxdarlingxxx

I worked for a company in my youth for 5 years and have a small pension built up there. The PRA amount is £7719.96.

I have a current work pension I have been paying into for 23 years and intend to retire at 65 ish

I am 56 years old and would like to close off the small pension and withdraw the cash £7,719.96, is that possible?

Any advice would be super 

Marcon

xxxdarlingxxx said:

I worked for a company in my youth for 5 years and have a small pension built up there. The PRA amount is £7719.96.

I have a current work pension I have been paying into for 23 years and intend to retire at 65 ish

I am 56 years old and would like to close off the small pension and withdraw the cash £7,719.96, is that possible?

Any advice would be super 

Possibly. You'd need to contact the pension provider direct to check.

dunstonh

I am 56 years old and would like to close off the small pension and withdraw the cash £7,719.96, is that possible?

Possible yes.  Sensible to do is a different matter.

penners324

You might be better off transferring that to your current pension.

atush

I agree with the above.

Brie

There may be tax implications if you do so.  I looked at drawing down a work pension from a previous employer but it would have greatly reduced the tax benefits I received for contributing to my current work pension so decided against it.  

Brie

Another thought - you don't say what type of pension it is.  If it's a defined benefit scheme you may be able to put it into payment now, likely at a reduced rate and get the extra annual income now rather than waiting until you are 65.  But you might prefer, as already suggested by others, transferring the value into your current work scheme.