Can I defer my private pension for another 5 years

serendipitycary

I have a small private pension that is due to be paid to me this year. Can I defer my private pension for another 5 years when I become 65? Would it be beneficial?

I am planning to take the lump sum now as much needed house repairs have to be done and wonder if I defer my private pension for another 5 years with the same provider, would it mean I wouldn't be able to get my lump sum now and would have to wait a further 5 years for this too.

Thank you advance for any advice/help you are able to give me

Ayr_Rage

Exactly, what type of pension are you referring to?

p00hsticks

If it's a Defined Benefit Pension, you can't take the Pension Commencement Lump Sum without putting the pension into payment and taking the monthly annual pension too. 

Marcon

serendipitycary said:

I have a small private pension that is due to be paid to me this year. Can I defer my private pension for another 5 years when I become 65? Would it be beneficial?

I am planning to take the lump sum now as much needed house repairs have to be done and wonder if I defer my private pension for another 5 years with the same provider, would it mean I wouldn't be able to get my lump sum now and would have to wait a further 5 years for this too.

Thank you advance for any advice/help you are able to give me

Check with the provider. Much depends on the type of pension, and how 'old' it is - if it is a defined contribution pension from years ago, the type of contract available then might not support what you want to do now.

LHW99

Marcon said:

serendipitycary said:

I have a small private pension that is due to be paid to me this year. Can I defer my private pension for another 5 years when I become 65? Would it be beneficial?

I am planning to take the lump sum now as much needed house repairs have to be done and wonder if I defer my private pension for another 5 years with the same provider, would it mean I wouldn't be able to get my lump sum now and would have to wait a further 5 years for this too.

Thank you advance for any advice/help you are able to give me

Check with the provider. Much depends on the type of pension, and how 'old' it is - if it is a defined contribution pension from years ago, the type of contract available then might not support what you want to do now.

If it's the case that it's a DC pension, you should be able to transfer to a modern plan, provided there are no safeguarded benefits (more awkward if there are)

serendipitycary

Thank you everyone for your comments and help