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Small pension query
System
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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
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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.0
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Pensions don't normally "mature".candypopcorn15 said: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.
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.1 -
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.0 -
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.com0
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why will you lose money if you "cash out"?candypopcorn15 said: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.
I assume you are already paying tax of some sort - why not just leave the pension there as deferred?0
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