If start to take monies from pension

Hunnie1977

Hi
If i start the above will the company stop investing my remaing pot  till all used up or stop once I start to take the moines 
Plus want to leave something   for son for his future is trust a good thing or cash gift which should he  not touch till 18 
and should do the same for x or not as not getting any younger 

Dazed_and_C0nfused

Hunnie1977 said:

Hi
If i start the above will the company stop investing my remaing pot  till all used up or stop once I start to take the moines 
Plus want to leave something   for son for his future is trust a good thing or cash gift which should he  not touch till 18 
and should do the same for x or not as not getting any younger 

Normally the funds within the pension will be invested in accordance with your instructions.

The pension company doesn't generally choose that, although I think with auto enrolment schemes you can be put into a default fund if you don't actively choose one.

Hunnie1977

 I think with auto enrolment schemes you can be put into a default fund if you don't actively choose one.
what is the above and when would i need to arrange the above 

LHW99

First question would be - do you mean this is a pension from a company you are still working at, and contributing to the pension scheme of?

If so, there could be restrictions in accessing it until you actually retire.

Then, have you thought about booking an appointment with pensionwise?

https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-wise

They offer guidance (not advice) if you have a DC type (most autoenrollment schemes) pension. I think there's a wait of a couple of months at the moment, but that would let you find out all the details of what you have.

Also, check what your pension company can offer for drawing down on your fund. If the pension scheme won't let you access while still paying in, it could create an issue. Some schemes are more flexible than others, and let you transfer part / all  out without stopping payments but others won't.

Finally, are you at least 55, soon to be 57? Otherwise you can't access most pensions legally. And if you do want to keep paying in, then taking any more than the tax-free amount restricts you to a contribution of £10k pa evermore.

Hunnie1977

hi lhw 99
it a my own pension which is frozen at present   as not have cash flow to may conrbuitiontions
have take tax free sum at 55 as am 60 now as had debt to clear 

QrizB

OP has a couple of previous threads which give more information about his circumstances:

https://forums.moneysavingexpert.com/discussion/6549548/taking-money-from-private-pension

https://forums.moneysavingexpert.com/discussion/6567884/pension-plans

LHW99

OP - I think you are saying that you a) claim Universal Credit, b) have already taken your 25% tax free and c) want to start taking some of the taxable money to give to your son.

So first you need to check how / if this will affect your UC.

kamelo on the first discussion above (https://forums.moneysavingexpert.com/discussion/6549548/taking-money-from-private-pension) says:

....any money you drawdown from a pension pot in a regular and/or repeatable fashion, this amount will be classed as unearned income and deducted pound for pound from any UC you may qualify for. The result, a smaller pension pot and no increase in income each month

I believe you may perhaps be entitled to take a small amount, depending on what other income you have, and your other circumstances.

This may give you some information.

https://www.finder.com/uk/pensions/does-a-private-pension-affect-universal-credit

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