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Small pension query

This discussion was created from comments split from: Can I cash in my pension?.
This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com

Comments

  • Hi, I have a pension which is due to mature in September, it's too small for annuity, and if I cash out I will loose a significant amount of money. What can I do.
  • Dazed_and_C0nfused
    Dazed_and_C0nfused Posts: 17,786 Forumite
    10,000 Posts Fifth Anniversary Name Dropper
    edited 28 August at 11:44AM
    Hi, I have a pension which is due to mature in September, it's too small for annuity, and if I cash out I will loose a significant amount of money. What can I do.
    Pensions don't normally "mature".

    Do you need the money now?  

    You could spread it over a few years using drawdown (might need to move it to more modern scheme first).

    But really you haven't provided enough info for anyone to make any really useful suggestions.
  • MallyGirl
    MallyGirl Posts: 7,260 Senior Ambassador
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I have split your query out into a separate thread as it was tagged onto the end of a long, and old, thread.

    you will need to provide more details if you want to get useful comments

    what sort of pension is it DB or DC?
    what is the value?
    if it is small then why would you lose a significant amount of money?
    I’m a Senior Forum Ambassador and I support the Forum Team on the Pensions, Annuities & Retirement Planning, Loans
    & Credit Cards boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com.
    All views are my own and not the official line of MoneySavingExpert.
  • System
    System Posts: 178,361 Community Admin
    10,000 Posts Photogenic Name Dropper
    This discussion was created from comments split from: Can I cash in my pension?.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • DE_612183
    DE_612183 Posts: 3,948 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Hi, I have a pension which is due to mature in September, it's too small for annuity, and if I cash out I will loose a significant amount of money. What can I do.
    why will you lose money if you "cash out"?

    I assume you are already paying tax of some sort - why not just leave the pension there as deferred?
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