Frozen pensions

twitchy

I have 2 frozen pensions and a pension pot with Aviva that I havn't paid into for many years, it's just treading water, non of them are growing at all.
My question is, I know that I can take 25% of each one with the options of taking a small income from the reamaing value which I will pay tax on, my pots will remain without growth.
If I take all the money from my pensions, pay tax on 75% then put the money into ISAS paying 4.5% and premium bonds is this possible? 
I am 65 next March an work for a local authority which will give me a small pension when I choose to take it, currently they put in 3 x my contribution so I'd be daft to stop it.
Thanks for any advice I may get.

xylophone

I have 2 frozen pensions

What exactly do you mean by this? What kind of pensions are they? Are you male or female?

Are you planning to retire from paid work when you reach 65?

Have you obtained a state pension forecast?

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

Albermarle

It is unlikely your pensions are frozen, just because you do not contribute to them anymore.
You need to supply more details though.

Tommyjw

Do people not get tired of being all high and mighty correcting people about 'frozen' pensions? 

They know what they mean, you know what they mean, every single popular financial/pensions website uses this term where people then use it too,  what's the point 

Phossy

When folks refer to 'frozen' pensions they aren't really frozen, you just aren't making contributions to them anymore - they should still be growing.

Have you asked for a recent projection on these and are you willing to post them on here  - that will help people give you informed feedback.

Marcon

Tommyjw said:

Do people not get tired of being all high and mighty correcting people about 'frozen' pensions? 

They know what they mean, you know what they mean, every single popular financial/pensions website uses this term where people then use it too,  what's the point 

Quite. Times and terminology have moved on - the only time it matters is when someone genuinely believes their pension, be it DB or DC, is forever 'stuck' at the value it had when they left the relevant employment.

There can't be many who have a DB scheme which is genuinely frozen - pretty much everyone in the age bracket where that could be the case will have started to draw their DB pension.

Dazed_and_C0nfused

Tommyjw said:

Do people not get tired of being all high and mighty correcting people about 'frozen' pensions? 

They know what they mean, you know what they mean, every single popular financial/pensions website uses this term where people then use it too,  what's the point 

Whilst I agree so some extent it is clear from some threads that not all postera do know what they mean.

Overall they are better informed after some of the regulars have explained things and that can only help them when considering their options for the future.

Silvertabby

Different schemes use different terminology.  For example, in the LGPS a 'frozen' record is one that didn't meet the vesting period and therefore will never be an actual pension benefit.  It used to be that a non-vested record could be left for years, just in case the holder returned to Local Government, but now they have to be taken as a refund or transferred out to another pension scheme within a certain time scale.

Those who left with vested benefits have 'deferred' pension rights, which increase each year in line with CPI. 

dunstonh

Do people not get tired of being all high and mighty correcting people about 'frozen' pensions? 

They know what they mean, you know what they mean, every single popular financial/pensions website uses this term where people then use it too,  what's the point 

In the OPs case it is unclear whether frozen is being used correctly or incorrectly. 

Just because some websites incorrectly use the phrase "frozen" doesn't make them right.

xylophone

 you know what they mean

I'm afraid I don't - assumptions are dangerous?

Baldytyke88

twitchy said:

If I take all the money from my pensions, pay tax on 75% then put the money into ISAS paying 4.5% and premium bonds is this possible? 

Will it take you into a higher tax bracket?

If that is the case, take one this year and one next year.