Pension Drawdown help needed

realitybites

My apologies, it is indeed a Defined Contribution, as in RMDCP. Not that au fait with all the jargon bandied about when it comes to pensions. Never took any notice or interest as it seemed a million years away. So does a defined contribution pension make my options different? I know I should have looked into this beforehand but it was a medical retirement that just loomed all of a sudden. I very much doubt at my age and with my medical conditions that employment will be an option so have to try and work around a way to fund a living for the next 5 years

Linton

realitybites said:

My apologies, it is indeed a Defined Contribution, as in RMDCP. Not that au fait with all the jargon bandied about when it comes to pensions. Never took any notice or interest as it seemed a million years away. So does a defined contribution pension make my options different? I know I should have looked into this beforehand but it was a medical retirement that just loomed all of a sudden. I very much doubt at my age and with my medical conditions that employment will be an option so have to try and work around a way to fund a living for the next 5 years

It being a relatively new  DC pension almost certainly means that you can transfer it without any problems.  The process is that you set up the new pension  and ask the provider to transfer-in your old pensions.  The new pension provider is responsible for the transfer, they will contact RM to make it happen.  You have no involvement in the process

Once the pension has been transferred you will have the full freedoms you want. 

Smudgeismydog

Just make sure all the payments have been received into the plan from RM before you switch it over.

Albermarle

realitybites said:

My apologies, it is indeed a Defined Contribution, as in RMDCP. Not that au fait with all the jargon bandied about when it comes to pensions. Never took any notice or interest as it seemed a million years away. So does a defined contribution pension make my options different? I know I should have looked into this beforehand but it was a medical retirement that just loomed all of a sudden. I very much doubt at my age and with my medical conditions that employment will be an option so have to try and work around a way to fund a living for the next 5 years

No need to apologise, pension jargon can be confusing. However it was necessary to be 100% clear what sort of pension it was, as they are totally different types.